"If the SEC doesn't target ADA, does the price have a chance to go up in the future?"
Charles Hoskinson, the founder of cryptocurrency Cardano (ADA) strongly believes that the Securities and Exchange Commission (SEC) of the United States (US) will not impose enforcement actions on the digital asset.
It is well known that the SEC has classified 12 tokens such as Cardano (ADA), Binance Coin (BNB), Solana (SOL), Polygon (MATIC) and Filecoin (FIL) as securities after Binance and Coinbase were subjected to legal action.
Coinbase CEO Brian Armstrong revealed that the SEC has asked the crypto exchange to delist all tokens except Bitcoin (BTC) as they qualify as securities.
Similar accusations have been leveled against Ripple (XRP) which has been in a legal dispute with the SEC for three years, but the blockchain payments firm firmly believes XRP is not a security.
However, the SEC's ongoing crackdown on crypto firms is politically motivated and has nothing to do with securities law, Hoskinson commented, adding that the US regulator's actions are related to Sam Bankman-Fried (SBF), the former CEO of FTX.
This is because there is a US political party that receives a lot of money from SBF, therefore the SEC is more interested in claiming that all crypto market players are bad than creating clearer digital asset regulations.
As of this writing, ADA price has climbed 3.74% to $0.26 in the last 24 hours with a market capitalization of $9 billion but still recorded a 2.77% decline over the last week.
