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- U.S. SEC chairman Gary Gensler has labeled Algorand as an unregistered security.
- The trading price of ALGO has dropped by approximately 6% over the past 24 hours.
The chairman of the U.S. Securities and Exchange Commission, Gary Gensler, has stated that Algorand (ALGO) is an unregistered security. Gensler has also been seen endorsing Algorand.
This will likely be a topic of discussion during tomorrow’s House Financial Services Committee hearing.
Gensler had previously referred to Algorand as a “great technology” suitable for building platforms like Uber and Lyft.
Today, he classified $ALGO as an unregistered security. pic.twitter.com/Sn6JVrEgq4— Eleanor Terrett (@EleanorTerrett) April 17, 2023
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A video featuring Gary Gensler has surfaced on Twitter, where he endorses Algorand (ALGO). He mentioned that Algorand is an impressive technology capable of supporting applications like Uber and Lyft.
Additionally, Gensler has praised ALGO at various public events, leading critics to label him a hypocrite for his statements.
Gensler’s remarks have significantly affected the trading price of ALGO. Whale Chart noted that $100 worth of ALGO, when Gensler claimed it could support Uber, is now valued at $5. As of this writing, the trading price of ALGO is approximately $0.221, reflecting a decline of 5.41%, according to CoinMarketCap.
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