The organizations behind several popular cryptocurrencies have spoken out against recent claims made by the Securities and Exchange Commission (SEC)—which argued that Solana (SOL), Polygon (MATIC), and Cardano (ADA) are securities.
The SEC named the three among a slew of other tokens as examples of securities being offered and traded on allegedly non-compliant crypto exchanges as part of its lawsuits against Binance and Coinbase last week.
Solana, Polygon, and Cardano are among the lawsuits’ most recognizable tokens, placing within the industry’s top 20 by market capitalization, according to CoinGecko. Combined, the three tokens have a market capitalization of over $21 billion—equal to around one-tenth of Ethereum’s total value.
Over the past seven days, the trio of tokens have tumbled around 30% each, according to CoinGecko. Yet, as of this writing, they staged a partial comeback on Sunday—paring back a small portion of losses.
Among the big three altcoins, Cardano was the first to have its regulatory status defended by a founding organization. On June 6, the blockchain research and engineering firm that created Cardano, Input Output Global (IOG), said ADA has never been a security under U.S. securities law.
The SEC’s latest lawsuits will not impact the company’s operations “in any way,” IOG said, adding that the firm welcomes a collaborative approach with regulators that would preserve the possibility of innovation while protecting consumers.
“This latest filing from the SEC demonstrates that we still have a long way to go,” IOG added. “Regulation through enforcement action does not provide either the clarity or certainty to which both the blockchain industry and consumers are entitled.”
On Saturday, the Solana Foundation, a non-profit dedicated to Solana and based in Switzerland, delivered a similar message—albeit with less conviction.
Instead of outright asserting that Solana isn’t a security, the Solana Foundation said on Twitter it “disagrees with the characterization of SOL as a security.”
The organization underscored its commitment to working with regulators in the statement, similar to IOG, explaining “regulatory clarity” is an issue that impacts everyone in the digital assets space that’s “building” in the U.S.
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