Cardano founder Charles Hoskinson expressed bewilderment at the SEC’s position regarding the agency’s lack of attention to Bitcoin and the treatment of other cryptocurrencies as securities. Industry pioneer and Blockstream CEO Adam Back responded to this.
@IOHK_Charles it’s very simple: Bitcoin did not do an ICO, most people thought it had no value, it was mined from zero, it is decentralized, there is no CEO, ICO warchested “foundation”, incorporation etc. so cardano, eth etc clearly pas howey, Bitcoin is a commodity and does not
— Adam Back (@adam3us) November 27, 2023
Hoskinson questioned the decentralization of digital gold. He suggested that a 51% attack would only require three subpoenas [на владельцев крупнейших майнинг-пулов].
Back responded to the question by pointing to the lack of an ICO for digital gold as a lack of SEC treatment as a security.
Hoskinson pointed out to Back Cardano’s lack of initial coin distribution.
The founder of Cardano was accused of lying and recalled the price of ADA for investors when it was placed in 2016.
Stop lying.
Cardano’s ICO price was $0.0024 per token. Investors were able to acquire ADA with their Bitcoin holdings.
— Bitcoin Lizard 🔥 ∞/21M ⚡ (@Arthur_van_Pelt) November 27, 2023
Beck expressed confidence that Hoskinson had lawyers who should have advised him not to touch on certain topics
In November, in an SEC complaint against Kraken, the regulator listed a number of tokens it deemed to be unregistered investment contracts, including ALGO, MATIC and NEAR.
In June, the Commission accused Coinbase of violating securities laws. According to the department, a number of tokens on the exchange fit this definition: SOL, ADA, MATIC, FIL, SAND, AXS, CHZ, FLOW, ICP, NEAR, VGX, DASH and NEXO.
In the SEC’s lawsuit against Binance, the regulator qualified the following assets as securities: SOL, ADA, MATIC, FIL, ATOM, SAND, MANA, ALGO and AXS.
Source: Cryptocurrency
I am an experienced journalist and writer with a career in the news industry. My focus is on covering Top News stories for World Stock Market, where I provide comprehensive analysis and commentary on markets around the world. I have expertise in writing both long-form articles and shorter pieces that deliver timely, relevant updates to readers.
