- Charles Hoskinson, the founder of Cardano, defended the project’s decentralized nature by comparing it to Bitcoin and emphasized that there was no ICO for ADA coins.
- Charles Hoskinson, the founder of Cardano, vehemently rejected claims that ADA is a security and stated, ‘Cardano has no ICO.’
- Charles Hoskinson, the founder of Cardano, stated that ADA tokens are not securities and compared it to Bitcoin.
Cardano founder Charles Hoskinson said that the ADA token is not a security and compared it to Bitcoin.
Hoskinson Compares Cardano to Bitcoin
Charles Hoskinson, the founder of Cardano, defended the project’s decentralized nature by comparing it to Bitcoin and emphasized that there was no ICO for ADA coins. Many blockchain projects have come under the scrutiny of the U.S. Securities and Exchange Commission (SEC) due to alleged securities sales. Cardano is one of these projects and has been mentioned in numerous lawsuits filed by the SEC against crypto companies.
Charles Hoskinson vehemently rejected these accusations, asserting that the Bitcoin network is not more centralized than Cardano. Hoskinson further elaborated on his thoughts on this matter in response to Adam Back, the CEO of Blockstream.
Adam Back attempted to convince Charles Hoskinson that BTC is fundamentally different from ADA, and Bitcoin does not have a CEO, did not organize an ICO, and does not have a foundation supported by tokens issued during an ICO.
According to the above, Adam Back suggested that cryptocurrencies like ADA and Ether (ETH) are considered securities under U.S. laws. He also stated that BTC is considered a commodity and deserves different treatment.
Charles Hoskinson Claims Cardano Had No ICO
Charles Hoskinson strongly refuted claims that ADA is a security and stated, ‘Cardano has no ICO.’ He mentioned that an airdrop was conducted for ADA coins, followed by widespread trading of ADA by a large community, and integration into projects where people did not know each other.
However, the founder of Cardano admitted that a coupon sale was organized in Japan for ADA coins in the early days of the project (between 2015-2017). Nevertheless, he categorized these coupons as ‘another asset,’ priced in Yen, sold with BTC, and tweeted that it cannot be considered an ‘ADA ICO’ since it was a sale exclusively for Japanese investors and labeled as ‘another asset.’
According to information on Cardano’s official website, the project raised 108,844.5 BTC from the sale, and part of the revenue was donated to the Cardano Foundation. Other funds went into developing the project, and the Cardano team received ADA coins for ‘years spent building Cardano,’ according to the founder. The latest dispute between Adam Back and Charles Hoskinson seems to have brought unknown information about Cardano to the forefront for new investors.
