ALGO, FLOW rebound from all-time lows, others rebuff SEC securities label

The United States securities regulator designated a slate of cryptocurrencies as securities in recent lawsuits including Algorand (

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…

— Polygon (Labs) (@0xPolygonLabs) June 10, 2023

The Solana Foundation similarly took to Twitter on June 10 saying it “disagrees with the characterization of SOL as a security.”

Cardano development company Input Output Global (IOG) said on June 7 it was “aware” of the SEC’s definition of ADA and claimed there were “numerous factual inaccuracies” by the regulator.

“Under no circumstances is ADA a security under U.S. securities laws. It never has been,” the firm wrote in a blog post.

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