The US SEC classifies Polygon (MATIC) as security Security

The US Securities and Exchange Commission (SEC) has classified Polygon (MATIC) as a security, casting a pall over the popular crypto. The SEC's announcement came as part of a lawsuit against Kraken, accusing the exchange of violating securities laws by operating an unregistered securities exchange, broker, and clearing agency. Polygon, formerly known as MATIC, has been reclassified as a security by regulatory authorities. The announcement that Polygon has been designated as a security coincides with a significant drop in its market value. Investors and the crypto community are keeping a close eye on the situation, as regulatory decisions can have a significant impact.

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