Polygon (MATIC) Plummets Over 30% After SEC Lawsuits Shake Crypto Industry
By: TOGRP
June 11, 2023 8:00 AM / 1 Comments Banking and Finance Polygon In Brief News Web3 Business Blockchain
Polygon (MATIC) Plummets Over 30% After SEC Lawsuits Shake Crypto Industry 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
Polygon (MATIC) Plummets Over 30% After SEC Lawsuits Shake Crypto Industry
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,”. 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.