SEC Called LUNC Coin and These 4 'Securities': Here's Why!

In a recent lawsuit against Consensys, the U.S. Securities and Exchange Commission (SEC) clarified its view on the classification of some cryptocurrencies as securities. These cryptocurrencies include Terra Luna Classic (LUNC), Polygon (MATIC), The Sandbox (SAND), Chiliz (CHZ) and Decentraland (MANA). The SEC argues that these assets were initially offered and sold as investment contracts and should be regulated under securities laws. It is stated that Consensys facilitates the trading of these assets through the MetaMask Swaps platform.

The SEC's securities criteria are affected by projects' whitepapers. In particular, MATIC, the native token of Ethereum scaling platform Polygon, is one of the tokens that attracted the attention of the SEC. Polygon uses MATIC for network operations and management and incentivizes investors through staking mechanisms. The SEC alleges that MATIC has been promoted and sold as an investment vehicle since its launch. He states that investors expect the value of MATIC to increase with Polygon's development efforts, and he supports this with the details in MATIC's whitepaper. “MATIC tokens are expected to provide economic incentives on the Matic Network,” the whitepaper states.

A similar situation applies to MANA, the cryptocurrency of the Ethereum-based metaverse platform Decentraland. MANA facilitates transactions in the Decentraland ecosystem and gives investors the right to participate in management. The SEC is investigating sales of MANA tokens during the ICO process and trading activities on platforms such as MetaMask Swaps. He emphasizes that these activities are carried out in anticipation of potential profits from the growth and adoption of Decentraland.

In addition, Chiliz's token, CHZ, used on the Socios platform, which provides fan interaction in sports and entertainment, is claimed to have been introduced by the SEC as an investment opportunity. SEC points out that funds that can contribute to the increase in the value of CHZ are allocated to platform development and marketing activities. SAND, the token of The Sandbox, is also considered as another cryptocurrency that stands out in the SEC case; The SEC argues that SAND's initial offering portrays it as an investment vehicle.

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