Three ways Polygon (MATIC), Solana (SOL), and Cardano (ADA) respond to securities accusations

Polygon (MATIC), Solana (SOL), and Cardano (ADA) are at the intersection of the lawsuits between Binance and Coinbase, accused of being securities. The prices of these cryptocurrencies plummeted after the online brokerage platform in the U.S. announced the suspension of trading for these three coins.

Understanding the SEC's standard for accusing securities: Detailed explanation of the SEC's criteria for determining securities, where the issuing team discussing technology, token supply ownership, and designing deflationary mechanisms are all considered violations.

Polygon (MATIC) stated on June 11 that they have never targeted the U.S. market and have always operated overseas. In addition, Solana (SOL) and Cardano (ADA) have also responded to the securities accusations. The following is a summary:

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Polygon MATIC: No Focus on the US Market

Polygon announced on 6/11 Twitter:

"We are proud of the history of the Polygon network - developed and deployed outside the US, with a focus on supporting the global community of the network. From day one, MATIC has been an essential part of Polygon's technology, ensuring the network's security - and it remains so today. As we focus on network security, we ensure that MATIC is accessible to the public, but never specifically targeted at the US market.

The non-US market is the largest market globally, and we appreciate the thoughtful considerations from around the world on various aspects of this technology, including the efforts of regulators and policymakers. We are confident in our past actions and focus on future developments. Exciting technical announcements are coming this week!"

Learn about the SEC's charges against Polygon

Solana SOL: Disagreement with Securities Charges, Calls for Regulatory Clarity

Solana announced on 6/11 Twitter:

"The Solana Foundation does not agree with the view that SOL should be classified as a security. We welcome policymakers to continue engaging and play a constructive role in setting standards to provide legal clarity on these issues for the thousands of entrepreneurs in the digital asset space in the US.

Solana's builder community is one of the strongest in the industry, continually developing excellent projects and products. The Solana Foundation remains committed to supporting those building for the long-term vision to continue creating the most suitable blockchain for a decentralized future."

Learn about the SEC's charges against Solana

Cardano ADA: Struggle Between Freedom and Authoritarianism

Cardano announced on 6/7 Twitter:

"The Cardano Foundation disagrees with the recent classification of ADA as a security under US law. We look forward to continued engagement with regulators and policymakers to achieve legal clarity and certainty on these issues."

Cardano founder Charles Hoskinson commented that the SEC's actions are a result of a political consciousness conflict, and the war between freedom and authoritarianism is not uncommon. He stated:

"Regarding Binance, I'm looking at the SEC's complaint. Although it's over 130 pages, it seems to be an industry suppression plan similar to Chokepoint 2.0 implemented in the US in 2013 under the Obama administration. The ultimate goal is an agenda-based central bank digital currency CBDC, working with a few large banks, exerting end-to-end control over every aspect of your financial life."

"Regulatory events are where discussions about compliance with laws or guiding principles take place. This event seems to be a political philosophical disagreement about the existence of cryptocurrencies and the concepts they represent. A group of unelected individuals have decided concepts like 'self-sovereign identity,' 'own your wallet,' and 'freedom to control your economic power' should be kept away from the public and given to the 'enlightened' few."

"Honestly, what's happening isn't new. It's always the same struggle between freedom and authoritarianism, just with different participants, technologies, and rhetoric. But this event seems to be an excellent opportunity for the entire industry to set aside its divisive nature and unite around common-sense rules and guidelines to prevent the US from entering a dystopia that makes 1984 look like a vacation."

Learn about the SEC's charges against Cardano