ADA, MATIC, ALGO Are Not “Securities”: XRP Lawyer

XRP News: The U.S. Securities and Exchange Commission (SEC) in the latest legal charges against Coinbase and Binance claimed that Cardano (ADA), Polygon (MATIC), and other major cryptos are securities. However, Pro XRP Lawyer claims that this is not the case.

Also Read: Why XRP Lawsuit Verdict Is Taking So Long?

XRP Lawyer Defends Cardano

Crypto exchange Coinbase on Wednesday moved forward to dismiss the SEC launched a lawsuit against them. The commission claims that Coinbase violated securities law and operated as an unregistered entity.

Attorney Jeremy Hogan highlighted that Coinbase will face a major problem in defending non-security status of many tokens. However, he pointed out a statement given out by a Polygon executive which might not help the crypto exchange.

XRP holders’ lawyer in the US SEC vs Ripple Lawsuit, John Deaton asserted that ADA. MATIC, ALGO and other cryptos are not “Securities”. He stated that these crypto assets are digital code sequences that exist in software. The attorney added that the Telegram case verdict shouldn’t be considered and all should be decided on the Howey test. Read More XRP News…

Can’t Call Any Token A Security

Deaton mentioned a Supreme Court order says that it is immaterial whether the underlying asset is speculative or whether it has intrinsic value or not. He added that it is unconstitutional on the commission’s behalf to call “the token” is a security.

XRP lawyer earlier praised Coinbase’s motion to dismiss the SEC charges. He found the crypto exchange’s motion strong but was not sure it will be granted. However, he urged the crypto leaders to ask the court to allow them to file an amicus brief in the US SEC Vs Coinbase case. He highlighted that over 2k people have joined him who wish to file in as amic with him.