The Polygon Foundation has set the date for the highly anticipated transition from MATIC to the POL token. The POL token will replace MATIC as the native gas and staking token for the Polygon proof of stake (PoS) network. Elsewhere, the SEC canceled a closed-door meeting that was important for Ripple and the SEC case. Following this unexpected decision, XRP Coin price erased all the gains it made on Wednesday.
Polygon plans to migrate MATIC to POL Token on September 4th
In an official announcement, Polygon Labs has set September 4th of this year as the date for the upgrade from MATIC to POL on Polygon. The POL token migration is a community-driven upgrade that was first proposed last year. Polygon co-founder Sandeep Nailwal also expressed his excitement about the upcoming developments in Blockchain.
According to the consensus, the upgrade from MATIC to POL as the gas and staking token for Polygon PoS will happen initially. The launch of the Staking Layer and the migration of Polygon public Blockchains to take advantage of it and the expansion of the POL token utility to play a significant role in AggLayer will take place later.
Polygon said that stakers and delegators of MATIC on Polygon PoS and MATIC on Ethereum do not need to take any action for the migration. However, MATIC holders on the Ethereum Blockchain, Polygon zkEVM and CEXs need to migrate. The team also made the testnet migration live on July 17.
XRP Coin price falls after SEC halts settlement talks
As you have been following on Kriptokoin.com, XRP Coin made a remarkable 13% climb on Wednesday. However, it succumbed to the SEC’s move to cancel the much-anticipated closed-door meeting with Ripple on July 18. Following this, the XRP Coin price gave back all its gains. Former SEC attorney Marc Fagel recently emphasized that Ripple and the SEC have held “about 150 of these meetings, which have occurred almost weekly since the case began.”
It is not yet known why the regulator canceled the meeting. However, as the wait continues, it is worth noting that the SEC’s Sunshine Act notice lists important regulatory matters on the agenda. These include the settlement of administrative proceedings, injunctive relief, and the possibility of settling litigation claims for clarity in the Ripple case. Senior SEC commissioners and Ripple officials were initially set to join the regulator’s arguments that the XRP token should be categorized as a security.
There are divergent views on the Ripple and SEC case!
Ahead of the meeting, community members were expecting a favorable outcome in the case, potentially providing clearer guidelines. As July remains an important month for the case, some predicted that this would be the meeting where Ripple settled with the SEC. Yassin Mobarak, pro-XRP Coin founder of Dizer Capital, speculated the following ahead of July 18th:
This Thursday, July 18, the SEC is holding a closed-door meeting to discuss the items highlighted below. Hmmm….Can I say Ripple Compromise?
In an interview with Bloomberg on Wednesday, Ripple CEO Brad Garlinghouse expressed the same optimism without any timeline. “We expect a decision very soon, but we can’t predict exactly when the judge will rule,” Garlinghouse said. However, optimists are still clinging to the July 31 prediction of another XRP advocate, lawyer Fred Rispoli. According to the legal expert, the case could end at the end of the month, even after July 13 has passed. “July 31, but to be poetic I could see it doing July 13,” Rispoli said when asked about possible dates for the verdict.
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