Polygon (MATIC) Plummets Over 30% After SEC Lawsuits Shake Crypto Industry

Key Points:

• The SEC filed lawsuits against Binance and Coinbase, accusing them of engaging in unregistered offers and sales of “crypto-asset securities,” causing a significant drop in the prices of several digital assets.
• Polygon (MATIC) was hit particularly hard, with a drop of over 30% in its trading price.

The recent lawsuits filed by the U.S. Securities and Exchange Commission (SEC) against high-profile crypto exchanges have caused a significant drop in the prices of several digital assets. Polygon (MATIC) has been hit particularly hard among these assets, with a drop of more than 30% in its trading price.

The SEC has accused Binance, one of the largest global crypto exchanges, of engaging in unregistered offers and sales of “crypto-asset securities,” including Binance’s native token, BNB. The SEC also listed several other tokens it considers “crypto asset securities,” including Cardano (ADA), Solana (SOL), and Polygon (MATIC).

Robinhood has reportedly decided to end support for Cardano (ADA), Polygon (MATIC), and Solana (SOL) on June 27th, 2023 after the US SEC determined that a large number of tokens on Coinbase and Binance were securities.

While other assets like ADA and SOL have also experienced significant drops in price, MATIC has been hit the hardest. At the time of writing, MATIC is trading at around $0.6 after it is down over 30% in the past 24 hours.

These lawsuits have caused concern among investors and highlight the need for greater regulation in the crypto space. As the industry continues to evolve, it is important for investors to stay informed and for companies to ensure compliance with regulatory requirements.

The recent lawsuits filed by the SEC against high-profile crypto exchanges have caused a significant drop in prices of several digital assets, including Polygon (MATIC). While the long-term impact of these lawsuits remains to be seen, they highlight the need for greater regulation in the crypto space. Investors should stay informed as the industry continues to evolve.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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