IOG Responds to SEC’s Claim That Cardano Is a Security
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Global blockchain developer Input Output Global (IOG), the company behind Cardano, has firmly fired back at the U.S. Securities and Exchange Commission’s (SEC) recent assertion that ADA qualifies as a security. In a statement released on Wednesday, IOG left no room for doubt, declaring, “Under no circumstances is ADA a security under U.S. securities laws.”
In a whirlwind of legal action, the SEC has set its sights on two of the biggest players in the cryptocurrency exchange arena: Binance and Coinbase. Accusing them of offering unregistered securities, the SEC has launched lawsuits that could have far-reaching consequences for the industry. These allegations have sent shockwaves throughout the crypto community, and now all eyes are on how this legal drama unfolds.
In the court filings, the SEC has gone a step further, classifying several prominent cryptocurrencies as unregistered securities. Alongside ADA, the SEC has targeted Solana (SOL) and Polygon (MATIC), among others. Even Binance’s tokens, BNB, and the popular BUSD stablecoin, have been slapped with the “security” label.
IOG Advocates for Understanding and Responsible Legislation
IOG has raised concerns about the urgent need for a deeper understanding of decentralized blockchains. The company emphasizes the importance of developing responsible legislation that strikes a balance between innovation and protection. IOG firmly believes that effective regulation should safeguard users while embracing the transparent and decentralized nature of blockchain technology. Collaborating with regulators to create a legal framework that fosters growth and security is paramount.
Robinhood Considering Delisting Cardano
The recent regulatory storm has created ripples beyond just the exchanges under direct scrutiny. Renowned cryptocurrency trading platform Robinhood has expressed its intention to potentially delist tokens implicated in the SEC lawsuit, including ADA. As Robinhood strives to maintain compliance with U.S. securities laws, this decision showcases the impact these regulatory actions can have on the wider cryptocurrency market.
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