In a recent development, Charles Hoskinson, the founder of Cardano (ADA), has confirmed that the US Securities and Exchange Commission (SEC) is not targeting Cardano. This news comes as a relief to ADA holders and the Cardano community. Read on to know more about this update and its impact on the future of Cardano.
Will SEC Come After Cardano’s ADA?
Cardano’s founder, Charles Hoskinson, is confident that the United States Securities and Exchange Commission (SEC) will not take action against ADA, the native token of the Cardano project.
In recent lawsuits filed against major crypto exchanges Coinbase and Binance, the SEC classified several tokens, including Cardano (ADA), as securities that should be registered before being listed on exchanges. However, Hoskinson pointed out that despite this classification, there have been no enforcement actions against ADA so far.
Hoskinson emphasized the importance of accuracy when discussing the matter, stating, “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.”
The Political Agenda Behind SEC’s Actions
Hoskinson believes that the SEC’s actions against crypto entities are politically motivated and unrelated to securities laws. He attributed the crackdown to the Commission’s focus on Sam Bankman-Fried (SBF), the disgraced founder and former CEO of bankrupt crypto exchange FTX.
According to Hoskinson, a political party in the U.S. received significant financial support from SBF, and in an attempt to distance themselves from any allegations of corruption, they have shifted from a bipartisan approach to accusing everyone in the crypto industry of being bad actors.
By doing so, they hope to show their commitment to upholding the law and punishing wrongdoers. Hoskinson likened SBF to Bernie Madoff, highlighting the severity of the allegations against him and the impact they have had on the SEC’s actions.
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In a recent YouTube interview, Charles Hoskinson, the founder of Cardano, expressed his belief that the United States Securities and Exchange Commission (SEC) will not take any action against ADA, the native token of the Cardano project. Despite ADA being classified as a security in a lawsuit against a crypto exchange, Hoskinson highlighted that there have been no enforcement actions against the token thus far.
The SEC has recently targeted several tokens, including Cardano (ADA), Binance Coin (BNB), Solana (SOL), Polygon (MATIC), and Filecoin (FIL), in lawsuits against major crypto exchanges Coinbase and Binance. Coinbase CEO Brian Armstrong even disclosed that the agency had requested the delisting of all tokens, except bitcoin, as they were considered securities. However, Hoskinson emphasized that the SEC’s actions have not extended to ADA.
Hoskinson went on to assert that the SEC’s crackdown on crypto entities is driven by political motives rather than a focus on securities laws. He attributed the Commission’s actions to their association with Sam Bankman-Fried (SBF), the disgraced founder and former CEO of FTX, a bankrupt crypto exchange. According to Hoskinson, a political party in the U.S. that received significant financial support from SBF has shifted its stance towards creating crypto rules to accusing everyone in the industry of being bad actors.
In conclusion, Charles Hoskinson remains confident that the SEC will not pursue any enforcement action against Cardano’s ADA. He believes that the agency’s actions are politically motivated and not directly related to securities laws. The ongoing legal battles between the SEC and other crypto entities reflect a broader political agenda rather than a specific targeting of ADA.