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08/23/2023

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US SEC is Not Coming After Cardano (ADA): Charles Hoskinson

Cardano’s founder, Charles Hoskinson, believes the United States Securities and Exchange Commission (SEC) will not come after the project’s native token, ADA. During a recent YouTube interview on Corey...

US SEC is Not Coming After Cardano (ADA): Charles Hoskinson

Cardano’s founder, Charles Hoskinson, believes the United States Securities and Exchange Commission (SEC) will not come after the project’s native token, ADA.

During a recent YouTube interview on Corey Costa’s Crypto Coins, Hoskinson pointed out that there has been no enforcement action against ADA so far, and that would not change because the asset was mentioned as a security in a lawsuit against a crypto exchange.

In two recent lawsuits against the world’s leading crypto exchanges, Coinbase and Binance, the SEC classified roughly 12 tokens, including Cardano (ADA), Binance Coin (BNB), Solana (SOL), Polygon (MATIC), and Filecoin (FIL), as securities, insisting that they ought to be registered before being listed on exchanges.

Coinbase CEO Brian Armstrong once disclosed that the agency had asked the exchange to delist all tokens, except bitcoin, as they qualified as securities.

The same allegation has been the foundation of a three-year-long legal spat between the SEC and Ripple Labs, as the company remained steadfast in its belief that XRP is not a security. Notably, the presiding judge in the case recently ruled that the retail sales of XRP do not constitute securities, while its institutional sales do.

In response to Corey’s question on why the SEC has been acting “somewhat antagonistic towards Cardano” and other blockchains, Hoskinson clarified that the agency’s actions have not gotten to ADA.

“It’s very important to be accurate with our language. There’s no coming after Cardano just because in a lawsuit against some exchange, they say that something is a security. There’s been no enforcement event. Certainly, if that occurred, you know the facts and circumstances would be different, but that’s not the case for us,” the Cardano founder said.

SEC’s Move Is Political

Hoskinson further explained that the SEC’s continuous crackdown on crypto entities is political and has nothing to do with securities laws. He asserted that the Commission’s actions have everything to do with Sam Bankman-Fried (SBF) – the disgraced founder and former CEO of bankrupt crypto exchange FTX – who “turned out to be the Bernie Madoff of our generation.”

The Cardano boss said one political party in the U.S., which received a lot of money from SBF, is trying to show they are not corrupt; hence, they have moved from being bipartisan and working with other parties to create crypto rules to accusing everyone of being a bad actor and attempting to throw them behind bars.

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