SEC's Actions Shake Up Crypto Giants and Developers.

IOG, the development company behind Cardano, has rejected the SEC's claim that ADA, the blockchain's native token, can be viewed as a security. The company stated that ADA has never been a security under US securities laws and that regulation through enforcement actions does not provide the necessary clarity or certainty that the blockchain industry and consumers deserve. The ADA price fell 3% in the past 24 hours as tokens named in the SEC lawsuit extended their sell-off as traders reacted to regulatory risk.