Polygon Price is Going to Zero as the SEC Begins Clamp Down on Crypto Industry but Sustainable Coin Ecoterra Just Raised $4.9 Million – What Does it Do?

cryptonews.com:

It’s been a disastrous week for Polygon.

The Ethereum layer-2 scaling solution’s native MATIC token has shed nearly 20% of its value since the weekly open, tanking from the upper $0.80s to the low-$0.70s.

The SEC on Monday said it views Polygon (and a host of other cryptocurrencies) as crypto securities that should be subject to significantly greater regulation in the US as part of its lawsuit against Binance, before repeating this stance in a similar lawsuit versus Coinbase on Tuesday.

MATIC’s pullback from earlier yearly highs in the $1.56 area has now surpassed 50%, with technical selling upon the breakout of a long-term pennant structure also adding to the woes.

If the SEC is able to win its lawsuits versus Binance and Coinbase, legitimizing its claim that Polygon is a security, this could be catastrophic for the network, some analysts have warned.

MATIC could become basically untradable in the US, the largest crypto market in the world.

Meanwhile, a classification, or even the threat of classification as a security could completely kill off the up-until-now strong pace of development seen in the Polygon ecosystem of applications.

MATIC could go to zero, some bears are warning.

That might be a bit of an exaggeration, and the SEC may lose its bid to classify MATIC as a security.  

Nonetheless, Polygon faces a highly uncertain future.

But things are going much better for a new green crypto project called ecoterra.

As outlined in the project’s Whitepaper, Ecoterra is building an all-in-one $ECOTERRA-powered web3 ecosystem, designed to encourage recycling via its first-of-its-kind Recycle-to-Earn (R2E) system, facilitate trade in recycled materials and encourage individuals and businesses to offset their carbon footprint.

And the