Last week, IOG (which stands for Input Output Global – one of the organizations supporting Cardano (ADA) development) noted that they are aware of the recent complaints by the US Securities and Exchange Commission (SEC) against Binance & Coinbase, which “contain references to the organization, the Cardano network, and Cardano’s native token ADA.”
According to a blog post by IOG, the filing “contains numerous factual inaccuracies and will not impact IOG’s operations in any way.”
As noted in the update shared by IOG, “under no circumstances is ADA a security under U.S. securities laws.”
The developers further claim that it “never has been.”
They also mentioned that “understanding how decentralized blockchains operate is a fundamental component in creating responsible legislation.”
IOG added they “continues to welcome cross-industry collaborations with regulators to help develop frameworks, which not only safeguard consumers, but do not stifle innovation within the communities building decentralized protocols.”
This latest filing from the SEC “demonstrates that we still have a long way to go in this regard.”
As mentioned in the update:
“Regulation through enforcement action does not provide either the clarity or certainty to which both the blockchain industry and consumers are entitled.”
As explained by IOG, “by design, blockchain is transparent, auditable, immutable, and fair.”
According to IOG, it “needs regulation that recognizes those values and understands the role blockchain can play in a modern world.”
As stated in the update, good regulation “protects users and provides a sensible legal framework in which people can operate.”
IOG will always “advocate for regulation that makes sense and honors the transparent and decentralized nature of blockchain.”