In the aftermath of SEC accusations, pro-Ripple attorney Jeremy Hogan has supported the Cardano founder’s defence of ADA.
ADA was included as one among the cryptocurrencies that the SEC regards as securities in lawsuits filed last week against cryptocurrency exchanges Binance and Coinbase.
Cardano inventor Charles Hoskinson stated that no ADA was sold during its funding, which was carried out in Japan, in a Twitter discussion that was begun by attorney and XRP fan Bill Morgan.
Hoskinson noted that because the promotion was in Japanese and no Americans took part, only coupons priced in yen and Bitcoin were used.
Two years after the voucher sale, ADA launched as an airdrop in 2017, he added, adding that “the facts might be inconvenient to the SEC, but are facts.”
A well-known lawyer in the XRP community, Jeremy Hogan, responded to Hoskinson’s remark by saying that the data the Cardano inventor presented appeared convincing. The comment from Hogan was, “Sounds like strong facts.”
He continued by saying that Cardano may take advantage of the Coinbase case by taking part in it. Hogan’s remark is only a recommendation, so it’s unclear how Cardano would opt to engage. It may decide to submit an amicus brief. He thinks Cardano’s action could finally put an end to the current problem.
The community decided last week that it was time to put aside differences and operate as a team, which has significant implications for the cryptocurrency sector.
As previously mentioned, Hoskinson made peace-seeking efforts over the weekend by contacting the XRP community.
In response to the SEC’s accusations, Cardano builder IOG insists that ADA is not and has never been a security. IOG noted that the SEC filing had multiple factual errors and won’t have any effect on how it conducts business.
