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Cardano A Security? Price Collapses On SEC v. Binance Lawsuit
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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Cardano (ADA) A Security? Price Collapses On SEC v. Binance Lawsuit

Reynaldo Marquez
Reynaldo Marquez
2 years ago
2 mins read
Cardano ADA Whales Accumulating

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Cardano (ADA) and the crypto market just took a punch from the U.S. Securities and Exchange Commission (SEC). The regulator filed a lawsuit against Binance and its CEO, Changpeng Zhao, contributing to the decline in prices across the nascent market.

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Cardano (ADA) trades at $0.35 as of this writing, recording a 6% loss in the last 24 hours. In the last week, the cryptocurrency recorded a 7% and stands amongst the worst performers in the top 10 by market capitalization, only surpassed by Binance Coin (BNB).

Cardano ADA ADAUSDT Chart 1
ADA’s price crashed on the daily chart following SEC v Binance lawsuit. Source: ADAUSDT Tradingview

SEC Fight Against Binance Splashes Cardano (ADA)

According to the complaint filed by the U.S. regulator in the District of Columbia, Binance has been offering “unregistered securities” since its inception. These alleged securities under U.S. laws include Cardano (ADA), Polygon (MATIC), Solana (SOL), Filecoin (FIL), Cosmos Hub (ATOM), Algorand (ALGO), and others.

On the document, the SEC classifies ADA as a “crypto security,” a term which they coined in the last two years. The regulator provides an overview of the token’s history, claiming the following and potentially arguing against ADA’s decentralization:

Today, three entities are responsible for Cardano: (1) the Cardano Foundation, a Swiss entity that is the legal custodian of the Cardano protocol and owner of its brand; (2) IOHK, an engineering company controlled by Hoskinson and Wood responsible for designing, building and maintaining the Cardano blockchain; and (3) Emurgo (…).

To sustain their argument, the SEC claims that these entities hold over 16.7% of ADA’s total supply or 31.1 billion ADA. The regulator also claims that the companies sold the token to fund development, marketing, business operations, and other critical project areas.

As of this writing, there is no official reply from these entities, or IOHK (IOG), the company behind Cardano’s development.

Crypto Market Participating Over-reacting To Binance Lawsuit?

Despite the lawsuit, some crypto community members call the event a “nothing burger.” The U.S. regulator is still to provide a clear legal framework for what constitutes a security in this country. In that sense, legal expert Collins Belton believes that today’s bad news could turn into a positive development for the long haul.

Via his Twitter account, the expert stated:

(…) this should actually be seen as a bit of a tension reliever for anyone that hasn’t been wildly deluded on Hopium. This complaint has been hanging above us like a sword of Damocles and letting it fall now in the depths of a bear is probably the best we could hope for.

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Belton also believes the crypto market could be “overstating” the complaint. The lawsuit could finally release tension from key actors in the sector in the future, but in the short term, “not much change from status quo,” the expert concluded.

Chart from Tradingview

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Reynaldo Marquez
Reynaldo Marquez

Reynaldo Marquez

A literature major, Reynaldo Márquez has been deeply immersed in the crypto industry since 2017. His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide.
In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride.
He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times.
In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson’s ‘Neuromancer.’ The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau’s ‘Civil Disobedience.’
But that’s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term.
In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry.
Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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