Polygon Labs, the organization behind the popular Polygon blockchain network,

 

Polygon Labs, the organization behind the popular Polygon blockchain network, has appointed chief legal officer Marc Boiron to the newly-created CEO role.  The move came nearly a month after the U.S. Securities and Exchange Commission (SEC) labeled 18 tokens, including Polygon's native token MATIC, as unregistered securities in consecutive lawsuits against two major crypto exchanges, Binance and Coinbase.  Boiron will report directly to Polygon's founders, including Sandeep Nailwal, Jaynti Kanani, and Mihailo Bjelic. Rebecca Rettig will replace Boiron as the new chief legal officer, continuing to carry out her position as chief policy officer. Polygon president Ryan Wyatt will also leave his role at the end of July and remain an adviser to the company.  Meanwhile, Nailwal will similarly take on a new role as executive chairman at Polygon Labs.  Following the SEC's complaints against Binance and Coinbase, MATIC was delisted in the U.S. by several trading apps, including Robinhood, eToro, and Revolut. Earlier in 2023, Polygon also took another step to restructure its business, reducing its workforce by 20%, or around 100 employees.