Polygon Names New CEO, Shuffles Top Executives as SEC Expands Oversight

Emily Nicolle and Muyao Shen, Bloomberg News

(Bloomberg) -- Polygon Labs, the main software developer behind the namesake blockchain project, is reorganizing its leadership team, including appointing a new chief executive officer. The reshuffle comes a month after the US Securities and Exchange Commission said it considered Polygon’s native token to be a security.

Marc Boiron will serve in the newly created role of CEO, leaving his current role as chief legal officer, according to a press release. Boiron will report to Polygon’s founders including Sandeep Nailwal directly. His chief legal position will be filled by Rebecca Rettig, who in a follow-up tweet said she’ll also retain her position as chief policy officer.

Polygon’s president Ryan Wyatt, a former head of gaming at YouTube, is stepping down from his role at the end of this month. He will remain an adviser to the company, he said in a tweet. Nailwal, meanwhile, will serve as executive chairman of Polygon Labs, according to the press release.

“As a founder-led organization, we are excited to actively work with Marc on this journey,” Polygon founders in a joint statement. “His appointment signals our commitment to nurture and expand the global Polygon community of developers, builders and users.”

Polygon’s website lists ten co-founders including Nailwal, Jaynti Kanani and Mihailo Bjelic. Polygon is a popular project used by developers to make transactions on the Ethereum blockchain quicker and cheaper. Polygon Labs earlier this year said it had cut 20% of its workforce, or around 100 employees, as part of a consolidation of business units.

Polygon’s MATIC, the $6.3 billion native token for the Polygon blockchain, was listed alongside 18 other tokens by the SEC as securities in two lawsuits against crypto exchanges Binance Holdings Ltd. and Coinbase Global Inc. last month.

The designation is problematic for projects seeking to list their assets on US exchanges, as most crypto trading platforms don’t hold sufficient licensing to offer securities. MATIC has been delisted in the US by apps including Revolut, Robinhood and eToro since the lawsuits were announced.

(Updates to include details from a press release by Polygon Labs and recent layoffs.)