Cardano Fights SEC’s Accusation of Being a Security: ADA and Other Altcoins Face Strong Sell-off

The popular altcoin project Cardano‘s development company, Input Output Global (IOG), has responded to the allegations from the U.S. Securities and Exchange Commission (SEC) that ADA, the native asset of the Cardano blockchain, might be classified as a security. “SEC Lawsuits Contain Numerous Factual Inaccuracies” IOG highlighted that the SEC lawsuits, initiated earlier this week against the world’s largest cryptocurrency exchanges Binance and Coinbase, contain “numerous factual inaccuracies.” The company stated that these lawsuits, which also classify ADA as a security, would have no impact on IOG’s operations. In a recent statement, IOG affirmed, “ADA is not a security that can be evaluated under US securities laws under any circumstances. It has never been.” The company added that understanding how decentralized blockchains work is a fundamental component of responsible regulation. IOG also asserted that clarity or certainty, which both the blockchain industry and consumers deserve, cannot be provided through sanction […] The post Cardano Fights SEC’s Accusation of Being a Security: ADA and Other Altcoins Face Strong Sell-off appeared first on COINTURK NEWS.