📢🚨 The US Securities and Exchange Commission (SEC) has classified Polygon (MATIC) as a security, placing it under control of the popular cryptocurrency.

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 regulators. This echoes similar legal battles facing other prominent exchanges.

The announcement that Polygon has been designated as a security coincides with a significant drop in its market value. The price of the cryptocurrency has fallen significantly recently, and there are concerns that this downward trend will continue in the coming weeks.

Investors and the crypto community are closely monitoring the situation as regulatory decisions could have a significant impact on the value and market status of cryptocurrencies. #sec $XRP $BTC $ETH