The Cardano founder has hit back at SECGov allegations, disputing the claim that $ADA is a security
the U.S. Securities and Exchange Commission's allegations that Cardano's native ADA token qualifies as a security.
"The facts might be inconvenient to the SEC but are facts," Hoskinson tweeted, pointing out that no ADA was sold in the U.S. and that the original financing was done in Japan with vouchers that were later converted into ADA in an airdrop in 2017. His tweet came in response to lawyer and crypto enthusiast Bill Morgan who argues that adding functionality and marketing a product, as done with ADA, does not equate to selling a security.
Cardano was launched as an open-source, public blockchain in 2015 by Hoskinson, one of the co-founders of Ethereum. The project conducted its initial coin offering in Japan, earning it the nickname"Japanese Ethereum." At the time, Cardano was one of the largest ICOs ever held in Asia, and ADA quickly became one of the top cryptocurrencies by market capitalization.
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