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Another plus is its investment in carbon neutrality, which occasionally has prompted price rallies. In addition, Polygon fully supports the tether stablecoin, which could contribute to the network’s future growth. Polygon hosted over 53,000 decentralized applications as of October 2022, including some from companies like Meta and Stripe and, more recently, Credit Suisse and Deutsche Bank. In July 2022, Polygon announced in a press release that it had launched Polygon zkEVM, “the first Ethereum-equivalent scaling solution that works seamlessly with all existing smart contracts, developer tools and wallets.” It does this with a type of cryptography called zero-knowledge proofs, which lower transaction costs and increase throughput. Its token, MATIC, is used for payment services, transaction fees and as a settlement currency. Polygon has backing from the Binance and Coinbase cryptocurrency exchanges.

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As a “layer two” solution, it expands Ethereum into a multi-chain system, improving transaction and verification speed. Polygon is designed for Ethereum scaling and infrastructure development, according to CoinMarketCap. Blikre said, 'The bottom line here is if the SEC doesn't completely shut down Binance and Coinbase, then it's probably not going to derail crypto.Polygon was created by a development team that made significant contributions to the Ethereum blockchain platform. They say as a result, Coinbase is then evading disclosure laws that were specifically set up to protect consumers by Congress.' Yahoo Finance markets reporter Jared Blikre took a look at the market reaction and what it could mean for the crypto industry. Keenan said, 'The agency says it's acting as a broker, an exchange, a clearing agency, and also a seller of securities. Gupta said, 'What are actually securities and not securities? And does the SEC actually create a pathway and say this is how it should work?' Yahoo Finance legal reporter Alexis Keenan explained the SEC's suit against Coinbase in detail.

That is not an easy pivot to execute.' Delta Blockchain Fund General Partner Kavita Gupta discussed the questions digital asset holders have around crypto regulation. Palmer said, 'That really is one of the big questions now with regard to Coinbase, is will it be able to pivot overseas? In the first quarter, the US represented about 86% of Coinbase's net revenue. Schonberger said, 'The SEC is suing Coinbase this morning in the Southern District of New York for failing to register its trading platform with the agency alleging that it was an unregistered National Securities Exchange broker and clearing agency.' Mark Palmer, Berenberg Capital Markets Senior Equity Research Analyst – Fintech and Digital Assets, discussed the implications of the lawsuit and whether Coinbase (COIN) may be able to pivot its operations overseas. Yahoo Finance's Jennifer Schonberger broke down the SEC's allegations against Coinbase. Yahoo Finance caught up with various experts, analysts, and reporters to discuss the impact on the crypto market. Crypto exchange platform Coinbase is being sued by the Securities and Exchange Commission for allegedly operating as an unregistered securities exchange.