According to John Deaton, attorney in the SEC and Ripple Litigation, ADA, MATIC and ALGO are not ‘securities’. Meanwhile, analyst Arman Shirinyan says ADA is showing some intriguing signs of bullish momentum.
XRP lawyer defended ADA and these coins
Crypto exchange Coinbase moved on Wednesday to dismiss the SEC’s lawsuit against them. cryptocoin.comAs you follow, the SEC alleges that Coinbase is violating securities laws. It further asserts that it operates as an unregistered organization. Attorney Yereme Hogan emphasized that Coinbase will face a major challenge in defending the ‘non-securities’ status of many tokens. However, he pointed out a statement given by a Polygon executive that may not help the crypto exchange.
John Deaton, the lawyer of XRP holders in the US SEC vs. Ripple Case, claims that ADA, MATIC, ALGO and other cryptos are not “Securities”. He states that these crypto assets are strings of digital codes that exist in the software. The lawyer adds that the Telegram case decision should be disregarded and all should be decided according to the Howey test.
“We cannot call any token a security!”
John Deaton notes that a Supreme Court decision said it was immaterial whether the underlying asset was speculative or had intrinsic value. He adds that it is unconstitutional for the commission to call the “token” a security.
The XRP attorney had previously praised Coinbase’s request to dismiss the SEC charges. He found the movement of the crypto exchange strong. However, he was not sure that he would be accepted. However, he urged crypto leaders to ask the court to allow them to submit an amicus summary in the US SEC Vs Coinbase case. He emphasized that more than 2,000 people who wanted to apply as amicus with him joined him.
The chart has a painted trend reversal pattern for ADA
Cardano (ADA) is showing some intriguing signs of potential bullish momentum. The digital asset recently displayed an inverted double top pattern, indicating a trend reversal. This development has caught the attention of traders and investors who are always looking for such indicators in the volatile crypto market.
An inverted double top pattern is considered a bullish signal in technical analysis. As the name suggests, it appears as an upside-down “W” on a price chart with two lows at approximately the same level. Because this pattern is usually formed at the end of a bearish market phase, it is often seen as a signal that the price of the asset will rise.
Cardano’s recent formation of this pattern indicates that ADA is preparing to reverse its downtrend. Thus, it will be possible to enter an upward orbit. If this pattern turns out as we expect, the next price target for ADA will be around $0.31.
Technical analysis patterns such as inverted double tops provide valuable information about possible future price movements. It should be noted, however, that they are not a guaranteed estimator. It’s possible that market conditions, investor sentiment, and broader economic factors can all affect the price of a crypto. However, if ADA follows the typical progression of an inverted double top pattern, it could provide a much-needed boost to ADA’s value. Thus, the altcoin is likely to potentially trigger increased buying activity in the market.
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For the continuation of the article Famous Lawyer: ADA and These Altcoins Are Not ‘Securities’!