Cardano developer IOG denies SEC’s claim that ADA is a security | CoinDesk JAPAN | CoinDesk Japan

Input Output Global (IOG), developer of the Cardano blockchain, has rejected claims by the U.S. Securities and Exchange Commission (SEC) that its native token ADA can be considered a security.

The IOG said the SEC lawsuit that included ADA in the list of tokens counted as securities, filed earlier this week against crypto exchanges Binance and Coinbase, was “many. “Factual errors”, it said in a June 9 statement. It also said the lawsuit will not affect IOG’s operations.

“Under no circumstances are ADAs securities under the Securities Act, and never will,” the IOG said. “Understanding how decentralized blockchains work is a fundamental component of creating responsible law.”

The IOG said mandatory enforcement regulation would not provide the clarity and certainty that both the blockchain industry and consumers deserve.

The price of ADA has also fallen 3% over the past 24 hours as the tokens named in the SEC lawsuit reacted to regulatory risk.

The SEC also has tokens issued by foundations and corporations, Polygon (MATIC), Sandbox (SAND), Filecoin (FIL), Axie Infinity (AXS), Chillies (CHZ), Flow (FLOW), Internet Computer Tokens associated with protocols such as (ICP), NEAR, Voyager (VGX), DASH, and NEXO have also been certified as securities.

｜Translation: coindesk JAPAN
｜Editing: Toshihiko Inoue
| Image: Nikhilesh De/CoinDesk
｜Original: Cardano Developer Rejects SEC Claim Its ADA Token Is a Security