Generally, the classification of any token as ” security by the SEC is followed by penalty for fraud or illegal sale of “unregistered title”. And even worse, the digital asset is witnessing plummets in its price. Three famous cryto projects, Solana, Cardano and Polygon, recently worried by the actions of the SEC, are stepping up to avoid the worst.
Solana, Polygon and Cardano stand up against the SEC
After attacking Binance and Coinbase, the SEC has revised its list of “securities”. At least 55 cryptocurrencies were granted this status last week.
According to Decrypt, Solana has been joined by Polygon and Cardano in its revolt against the SEC. These three crypto-assets, let us remember, are found in the top 20 assets by market capitalization. And the trio is valued at $21 billion in market capitalization.
Categorical rejection of Cardano (ADA)
IOHK is among the first cryptocurrency issuers to refute the new classification of the United States Securities and Exchange Commission. Charles Hoskinson couldn’t help but express his outrage on Twitter on June 5.
” ADA is in no way a security within the meaning of United States securities laws. She never was “, can we also read on the blog of Output Input HK.
Groping at Solana (SOL)
” The Solana Foundation disagrees with the characterization of SOL as a security. We salute the continued engagement of policymakers as building partners on regulation to achieve legal clarity on these issues for the thousands of entrepreneurs across the United States who are building in the digital asset space. »
In this message, Solana denies the status granted by the SEC without displaying her true conviction. Would she be afraid to face Gary Gensler and his team in court? Ripple did, however, and resisted for a long time trying to protect XRP.
Polygon Bending (MATIC)
Of all the three crypto projects cited above, only Polygon chose not to challenge the SEC. Instead of grumbling, its leaders have chosen to recall that the company was developed outside of the United States and deployed for a global community that supports the network “.
” We are confident in the measures we have taken in the past. Given the importance we place on network security, we ensured that the MATIC was accessible to a wide group of people, but only through actions that did not target the United States at any time. “, we read on Twitter.
Is this the announcement of a definitive extraction from the American market?
In any case, the SEC’s initiative to classify ADAs, SOLs and MATICs as “unregistered securities” has greatly changed the situation. Even Robinhood bothered to unlist them because of ” cloud of uncertainty “.
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