Solana and Polygon’s Response to SEC’s Token Classification

The Solana Foundation and Polygon Labs have rejected the classification of their tokens as securities by the US Securities and Exchange Commission (SEC). While Solana expressed willingness to work with regulators, Polygon said it didn’t target the US market with its MATIC coin, aiming instead for a global user base. On 10 June, the Solana Foundation said it would cooperate with regulators to create clarity for the emerging industry. However, it disagreed with the SEC regarding the SOL token, welcoming the “continued engagement of policymakers as constructive partners on regulation to achieve legal clarity on these issues”. Last month, the SEC labelled several digital assets, including MATIC, as securities.