Cardano's Hoskinson Refutes SEC Allegations, XRP Community Excited About Likely Reveal in Ripple Case, BTC Dominance Approaches 50%: Crypto News Digest by U.Today

Here are the top three news stories presented to you by U.Today.

Cardano's Hoskinson refutes SEC allegations

In a recent thread, pro-crypto lawyer Bill Morgan explained why the SEC believes that Cardano's native token ADA is a security. He defended the asset, writing that functionality and marketing a product, as is done with ADA, does not equate to selling a security. The thread caught the attention of Cardano founder Charles Hoskinson himself. He added more arguments in defense of the token, pointing out that no ADA was sold in the U.S. and that the original financing was done in Japan with vouchers that were later converted into ADA in an airdrop in 2017. As previously reported by U.Today, the SEC issued lawsuits against Binance and Coinbase, claiming that both platforms were offering ADA as an unregistered security.

XRP community gets ready for likely reveal in Ripple lawsuit

The XRP community is abuzz with excitement as today marks an important day for the Ripple-SEC case. Today, June 13, the publicly redacted documents of former SEC official William Hinman and cross-motions for summary judgment in the Ripple lawsuit are expected to be made available.The Hinman documents have crucial importance for the entire crypto industry as well, especially in light of the recent lawsuits filed against Binance and Coinbase. In a recent tweet, CryptoLaw founder and XRP holder attorney John Deaton wrote that June 14 marks the fifth anniversary of the speech by William Hinman, in which he stated that Ethereum is not a security. On this day, Deaton will take part in a legal panel discussion with Jeremy Hogan, Marc Fagel and Carl Cecere to debate the Hinman documents.

Bitcoin dominance approaches 50% amid market shift

According to data provided by TradingView, Bitcoin dominance is once again nearing 50%, which is similar to the trend seen throughout the prolonged bear market between 2018 and 2022. A high dominance index indicates that investors prefer Bitcoin to other cryptocurrencies. Over the past week, this metric increased by 4.1%, reaching the highest level since April 2021. The rise in Bitcoin dominance has partially been caused by the underperformance of major altcoins, following the SEC's lawsuits against cryptocurrency giants Binance and Coinbase. Following these events, Bitcoin has been able to maintain its relative stability, while altcoins have experienced a sharp decline.