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- The overall market has entered a short recovery phase following the recent downturn.
- Multiple tokens, such as ADA, BNB, SOL, and MATIC, have been classified as securities.
Charles Hoskinson, the founder of Cardano, is confident that the U.S. SEC will not pursue action against ADA, the native token of the project. In a recent video interview, Hoskinson mentioned that although ADA has been referenced as a security in a lawsuit involving a cryptocurrency exchange, no regulatory measures have been taken against the token thus far.
Numerous tokens, including ADA, BNB, SOL, and MATIC, have been designated as securities by the SEC in recent legal actions against two of the largest cryptocurrency exchanges globally, Coinbase and Binance. Brian Armstrong, the CEO of Coinbase, previously indicated that the government had requested the exchange to delist all tokens except for bitcoin due to their classification as securities.
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The SEC has been engaged in a legal battle with Ripple Labs for the past three years over similar allegations, with Ripple Labs asserting that XRP is not a security. Hoskinson reassured the interviewer that the SEC’s “somewhat antagonistic towards Cardano” and other blockchain positions had not impacted ADA, despite his earlier remarks suggesting otherwise.
Hoskinson also remarked that the SEC’s persistent actions against cryptocurrency firms are entirely politically motivated and not related to securities laws. He stated that the agency’s actions stemmed from the situation involving Sam Bankman-Fried (SBF), the founder and former CEO of the now-defunct cryptocurrency exchange FTX, who faces charges of multi-billion dollar fraud from authorities.
As per CMC, the price of ADA is $0.269, reflecting a 3.26% increase in the last 24 hours as the overall market has entered a brief recovery phase following the recent downturn.
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