The US Securities and Exchange Commission (SEC) recently Algorand (ALGO) including many altcoin He said that they were in fact securities and claimed that they were sold indifferently.
The response to this action came from the Algorand front.
Algorand (ALGO) Altcoin Foundation Responds to SEC’s Claim
The official Twitter account of the Algorand Foundation said the following in its statement:
“We want to be clear: we believe that Algo tokens are not securities under US law. We welcome clear regulatory guidelines for the advancement and growth of the entire industry.
Our priority is to always act in the best interests of our community. We look forward to seeing what this dynamic community builds next in Algorand.”
In addition, Algorand altcoin CEO Staci Warden also issued a statement on the subject:
“The US SEC recently sued Bittrex for alleged securities law violations. The complaint alleged that Algo is an example of securities available for trading on Bittrex. We are not a party to this lawsuit and we do not intend to consider every single claim in the complaint.”
The development caused a sudden drop in the ALGO altcoin price. SEC, formerly Ripple (XRP) cryptocurrency claimed that it was a security and argued that the sale of this token was carried out in an unregistered manner. The lawsuit between Ripple and the SEC has been going on for a long time.
*Not investment advice.
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