Cardano’s Founder Hoskinson Claps Back at SEC

Cardano's founder, Charles Hoskinson, vehemently refutes the U.S. Securities and Exchange Commission's (SEC) claim that ADA, Cardano's native token, is a security. He stressed in a tweet that ADA was not sold in the U.S., but was financed in Japan and later disbursed as an airdrop in 2017. His response followed Bill Morgan's argument that enhancing a product doesn't mean selling a security. 

Cardano, launched in 2015 by Ethereum co-founder Hoskinson, quickly became a top crypto after its massive Initial Coin Offering (ICO) in Asia.  Known for its meticulous, peer-reviewed blockchain development, the project is still criticized for lacking practical applications.

SEC's allegations against Cardano emerged amid high-profile lawsuits against crypto exchanges Binance and Coinbase, where ADA was identified as an unregistered security. IOG, in response, insisted that ADA is not a security under U.S. laws and that refining the Cardano blockchain is akin to a software upgrade, not selling a security.