- IOG clarifies that the Cardano network and its native token ADA are not securities under U.S. laws, amidst SEC complaints against Binance and Coinbase.
- The organization underscores the need for regulatory frameworks that protect consumers and foster innovation in decentralized blockchain technologies.
Input Output (IOG), the organization behind Cardano, has recently addressed complaints filed by the U.S. Securities and Exchange Commission (SEC) against two major crypto exchanges, Binance and Coinbase. These filings refer indirectly to IOG, the Cardano network, and its native token, ADA. Despite the contentious allegations, IOG firmly asserts that the filings, rife with factual errors, do not pose a threat to its operations.
"The filing contains numerous factual inaccuracies and will not impact IOG’s operations in any way. Under no circumstances is ADA a security under U.S. securities laws. It never has been."
— Dan Gambardello (@cryptorecruitr) June 7, 2023
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IOG clarifies unequivocally that ADA, the native token of the Cardano network, does not qualify as a security under U.S. securities laws. This refutation highlights a fundamental issue in the blockchain sector: the need for regulators to fully comprehend the workings of decentralized blockchains to devise appropriate legislation. This understanding is critical to prevent potential mischaracterizations, which could not only impact the respective organizations but also the burgeoning industry as a whole.
In response to the SEC’s enforcement-based approach, IOG highlights the lack of clarity and certainty it brings. Such a stance fails to serve the interests of both the blockchain industry and consumers who are entitled to more transparent regulatory action. This point underscores the core value of the blockchain itself: transparency.
Blockchain technology is innately transparent, auditable, immutable, and fair. As such, it requires regulatory oversight that upholds these characteristics while comprehending the transformative role blockchain can play in a modern world. The goal should be to institute regulation that not only safeguards users but also provides a viable legal framework for operation.
To this end, IOG reiterates its commitment to proactively engage in cross-industry collaborations. The organization believes in working with regulators to co-develop comprehensive frameworks that safeguard consumers and foster innovation within the blockchain community. By doing so, IOG aspires to contribute to legislation that aligns with the transparent and decentralized nature of blockchain, thus honoring the very essence of this transformative technology.
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