- Polygon promoted its legal chief Marc Boiron to CEO.
- President Ryan Wyatt has resigned and is now taking an advisory role in Polygon Labs.
- ChatGPT suggests this could help Polygon address regulatory concerns and MATIC price.
Polygon Labs, the firm behind the popular Ethereum layer-2 solution Polygon, recently announced a change in its CEO. Now, Polygon Labs’ new CEO is Marc Boiron, who was previously its Chief Legal Officer (CLO).
The team is mum about the exact reason for the new CEO, as well as why President Ryan Wyatt has left his position to become an advisor for the firm. As to the latter, Wyatt said that he will continue to advise Polygon Labs and will work closely with Sandeep Nailwal, one of the faces of Polygon.
As to how this will affect the market value of Polygon (MATIC), ChatGPT had some insights to share.
According to the popular AI platform, having a CEO with a legal background may help MATIC out of the regulatory woods. For context, MATIC was tagged a security by the US Securities and Exchange Commission (SEC) when the latter sued Binance and Changpeng Zhao for allegedly operating an unregulated exchange.
ChatGPT declared:
“Having a CEO with a legal background can be beneficial for a company like Polygon, especially in navigating regulatory landscapes and addressing legal challenges.”
MATIC’s suggested classification as a security sent the blue-chip token down in terms of valuation. Prior to the tagging, MATIC was trading between $0.90 to $1. But at the time of writing, MATIC is changing hands at $0.67, according to CoinGecko. This is a drop of around 30% from its usual trading price.
“With the previous concerns raised by the SEC regarding the classification of Polygon’s token MATIC as a security, having a CEO with legal expertise may contribute to the company’s ability to address such regulatory issues effectively,” ChatGPT said finally.
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