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Cryptocurrency Organizations Dispute SEC's Claims that SOL, MATIC, and ADA are Securities

Several cryptocurrency organizations have responded to the SEC's claims that SOL, MATIC, and ADA are securities being traded on non-compliant crypto exchanges. The tokens have a combined market capitalization of over $21 billion but have fallen around 30% each over the past seven days.

The Solana Foundation and Polygon Labs have both disputed the SEC's claims, with the latter stating that MATIC was developed and deployed outside of the US. Robinhood has announced that it will no longer support SOL, MATIC, and ADA due to the lawsuits causing uncertainty around these cryptocurrencies, and other companies may follow suit.

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