Largest Crypto Ecosystems Act Jointly against SEC

The founding entities behind several popular cryptocurrencies have spoken out against recent statements by the Securities and Exchange Commission (SEC) that claimed Solana (SOL), Polygon (MATIC) and Cardano (ADA) were securities and, hence, violated the U.S. Securities law.

SEC named these three cryptocurrencies, among many others, as examples of bona fide securities offered and traded on allegedly non-compliant cryptocurrency exchanges as part of its lawsuit against Binance and Coinbase last week.

Solana, Polygon and Cardano, among the most recognizable tokens in the industry's top 20 by market capitalization, are now joining forces in a counterclaim against the SEC.

Together, these three tokens have a market capitalization of more than $21 billion – roughly a tenth of the total capitalization of the entire Ethereum ecosystem.