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Pro-Ripple Lawyer Supports Cardano Founder's Defense of ADA, Suggests Key Thing

Mon, 06/12/2023 - 14:11
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Tomiwabold Olajide
Cardano founder's defense of ADA gets key support and suggestion from pro-XRP lawyer
Pro-Ripple Lawyer Supports Cardano Founder's Defense of ADA, Suggests Key Thing
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Pro-Ripple lawyer Jeremy Hogan has shown support for the Cardano founder's defense of ADA in the wake of SEC allegations. 

SEC lawsuits filed in the past week against crypto exchanges Binance and Coinbase named ADA among the cryptocurrencies that it counts as securities.

In a Twitter thread started by lawyer and XRP enthusiast Bill Morgan, Cardano founder Charles Hoskinson clarified that no ADA was sold during its financing, which was done in Japan.

Hoskinson added that only vouchers priced in yen and Bitcoin were utilized as the marketing was in Japanese, and no one from the United States participated.

He continued that ADA launched in 2017 as an airdrop two years after the voucher sale, adding that "the facts might be inconvenient to the SEC, but are facts."

In response to Hoskinson's comment, Jeremy Hogan, a well-known attorney in the XRP community, noted that the facts the Cardano founder stated seemed strong. Hogan remarked, "Sounds like strong facts."

He went on to suggest that Cardano could leverage the Coinbase lawsuit by participating in it. It might choose to file an amicus brief, but Hogan's statement remains a suggestion, leaving it an open question as to how Cardano might choose to participate. He believes Cardano's doing so might put the current issue to rest once and for all.

Cardano's Hoskinson Refutes SEC Allegations

The past week has been consequential for the crypto industry, as the community deemed it fit to bury all hatchets and work together as one.

As reported, Hoskinson reached out to the XRP community over the weekend in an effort to make peace.

In the wake of the SEC's allegations, Cardano builder IOG maintains that under no circumstances is ADA a security, and it never has been. IOG added that the SEC's filing contains numerous factual inaccuracies and will not impact its operations in any way.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.