JAKARTA - Cardano, one of the leading blockchain projects, has received attention from the US regulator, the Securities and Exchange Commission (SEC). The SEC accused Cardano's main coin, ADA, of being a security. In response to the SEC's claims, Cardano founder Charles Hoskinson denied the allegations.
In a recent live broadcast, Hoskinson claimed that Cardano has never held an initial coin offering (ICO) and does not sell securities. He also outlined that Cardano has a more democratic and participatory governance model than Bitcoin, which is dominated by a large group of miners.
Hoskinson's statement received a response from Adam Back, CEO of Blockstream, a company that focuses on Bitcoin development. Back emphasized that Bitcoin is fundamentally different from Cardano because it does not have a CEO, does not hold an ICO, and does not have a foundation or foundation backed by tokens issued during the ICO.
Back also added that Bitcoin is considered a commodity by US law, while Cardano and Ether, the second largest crypto coin, are considered securities. This means that Bitcoin gets different and favorable treatment from regulators.
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Hoskinson did not remain silent and defended Cardano by explaining that the project only sold vouchers for ADA coins in Japan at the start of the project's development, between 2015 and 2017. These vouchers were sold in Yen and Bitcoin, and were intended for Japanese investors only. Hoskinson stressed there were no US investors involved in the sale, so it cannot be considered an ICO.
Hoskinson also revealed that Cardano collected approximately 108,844.5 BTC from the sale of the vouchers, with a portion of the proceeds donated to the Cardano Foundation, a non-profit organization that aims to support the development and adoption of Cardano.
Other funds are used for project development. Later, the Cardano team also received ADA coins as compensation for their hard work in the early days of Cardano development.
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