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Thenewscrypto

08/24/2023

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Cardano's Charles Hoskinson Believes ADA Won't Face SEC Action

The overall market has entered a brief recovery phase post recent bloodbath. Several tokens, including ADA, BNB, SOL and MATIC, have been labelled as securities. Charles Hoskinson, founder of Cardano, is...

Cardano's Charles Hoskinson Believes ADA Won't Face SEC Action
  • The overall market has entered a brief recovery phase post recent bloodbath.
  • Several tokens, including ADA, BNB, SOL and MATIC, have been labelled as securities.

Charles Hoskinson, founder of Cardano, is certain that the U.S. SEC would not go after ADA, the project’s native token. In a recent video interview, Hoskinson said that despite ADA being cited as a security in a lawsuit against a cryptocurrency exchange, no regulatory action has been taken against the token as of yet.

Several tokens, including ADA, BNB, SOL and MATIC, have been labelled as securities by the SEC in recent lawsuits against two of the largest cryptocurrency exchanges in the world, Coinbase and Binance. Brian Armstrong, CEO of Coinbase, previously said that the government had requested that the exchange delist all tokens other than bitcoin due to their status as securities.

Ongoing SEC Onslaught

The SEC has been in a legal dispute with Ripple Labs for the last three years over the same accusation, with Ripple Labs maintaining its position that XRP is not a security. Hoskinson assured the interviewer that the SEC’s “somewhat antagonistic towards Cardano” and other blockchains stance had not affected ADA despite his earlier comments to the contrary.

Hoskinson also stated that the SEC’s ongoing onslaught on crypto companies is entirely political and unrelated to securities legislation. He said that the agency’’s moves were all because of Sam Bankman-Fried (SBF), the founder and former CEO of the defunct cryptocurrency exchange FTX who is charged with billion dollar fraud by authorities.

According to CMC, the price of ADA is $0.269 and is up 3.26% in the last 24 hours as the overall market has entered a brief recovery phase post recent bloodbath.

Highlighted Crypto News Today:

XRP: Most Popular Altcoin in South Korea, Surpasses Ethereum

A diploma graduate who is passionate about digital currency and loves writing. He loves the concept of crypto and keeps himself up to date with the latest development and news of the crypto world.

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