SEC’s Regulatory Crackdown Puts Spotlight on Polygon and Solana
The recent regulatory crackdown by the U.S. Securities and Exchange Commission (SEC) has brought Polygon (MATIC) and Solana (SOL) into the limelight, causing ripples among U.S. traders.
Bitstamp’s Decision to Halt MATIC and SOL Trading
Crypto exchange Bitstamp has taken the decision to temporarily suspend trading of Polygon and Solana tokens.
The trading volumes of both tokens have remained relatively stable, with prices experiencing a minor dip of less than 1%.
Polygon and Solana Face SEC Scrutiny
Following legal actions against major exchanges Binance and Coinbase, the SEC has turned its attention to Polygon and Solana. These tokens have been classified as securities by the regulatory authority, triggering responses from the crypto community.
Trading Suspension for Polygon and Solana
Bitstamp’s announcement of trading suspension for Polygon and Solana comes as a direct result of the SEC’s declaration. The SEC categorized 68 cryptocurrencies, including MATIC and SOL, as securities due to ongoing investigations and legal proceedings.
This suspension will come into effect starting from August 29, impacting U.S.-based traders specifically.
U.S. Users Affected by Trading Halts
It’s important to note that Bitstamp’s trading halt applies exclusively to users within the United States. Traders in regions with different regulations can continue to trade these tokens without any constraints.
However, the anticipated outcome is that the trading volume from U.S. users will likely decrease, potentially influencing the price trajectory of MATIC and SOL.
Market Sentiment and Funding Rate
Despite these developments, the immediate impact on market sentiment remains to be seen. As per the funding rate data from various exchanges, traders continue to express optimism about the future price performance of MATIC and SOL.
Analysis of MATIC and SOL Performance
As of the current data, MATIC is experiencing a marginal loss, trading at around $0.68, reflecting a decline of less than 1%.
The token has displayed limited price movements recently, with the volume indicator indicating modest trading activity.
Current volume levels exceed 1 million, showing slightly more selling pressure than buying pressure.
Solana, on the other hand, is observing a bullish trend on its daily chart, trading at approximately $24.3 with a minor loss of less than 1%. Similar to Polygon, trading volume for Solana remains within normal levels without significant spikes or drops.
Given these metrics, the initial response to the regulatory developments seems subdued. However, the coming weeks and months could potentially bring about shifts in reaction as more exchanges follow suit and impose trade halts for U.S. users invested in Polygon and Solana.
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