The SECGov tagging $ALGO and $FLOW as securities caused them to drop to all-time lows on June 10, with both since recovering. Meanwhile, crypto devs have hit back at the regulator's labels.
) were also caught up in the SEC’s securities net and the creators of all three have staunchly rebuffed the regulator's claim.
On June 10, Polygon Labs tweeted in response to the SEC’s definition of MATIC without directly addressing the regulator.It highlighted that Polygon was developed and deployed outside of the U.S. and MATIC was globally available “with actions that did not target the U.S. at any time.” We are proud of the history of the Polygon network – developed outside the US, deployed outside the US, and focused to this day on the global community that supports the network. MATIC was a necessary part of the Polygon technology from Day 1, ensuring that the network would be…
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