In a shocking turn of events, Cardano (ADA) has began this week strongly positive despite the uncertainties surrounding its future in the US. At the time of writing, the price of an ADA coin is $0.2788, up 8.2% over the last 24 hours, making today its highest trading day in the previous seven days.
When Binance and Coinbase were sued last week, Cardano was one of the few digital currencies that the U.S. Securities and Exchange Commission (SEC) recognised as an investment contract. The revelation devastated the protocol and the community as a whole, but the current price recovery shows that the ecosystem’s damage is lessening.
The SEC’s designation of ADA as a security has caused a stir in the cryptocurrency industry and, if unchecked, may lead to less liquidity for the token on exchanges. As was mentioned last week, because to the murky regulatory haze surrounding the currencies, Robinhood Markets Inc. has declared its intention to delist Cardano, Solana (SOL), and Polygon (MATIC) later this month.
Taking right steps
The leaders of Cardano have been exerting every effort to calm community concerns and to reassure users of the token’s utility position inside its ecosystem. A sense of calm has been established, which has had an influence on the price spike, as a result of Input Output Global and Charles Hoskinson directly disputing the SEC’s position that ADA is a security.
Hoskinson took a highly unexpected step over the weekend by offering the olive branch in quest of peace with the XRP community. Hoskinson realised that unity is one essential aspect to defeat the SEC, which has been clamping down on crypto developments due to their underpinnings.
Although the decision drew mixed reviews, the creator of Cardano and the owners of XRP are eager to put their past disagreements behind them in order to work towards a common objective.
