Cardano Foundation Co-Signs Letter Urging SEC to Classify ADA as Digital Commodity

The Cardano Foundation has joined five other blockchain organizations in urging the U.S. Securities and Exchange Commission to formally classify ADA as a digital commodity in the text of its new crypto rules. The letter was co-signed by the Cardano Foundation alongside the Stellar Development Foundation, Hedera, Aptos Labs, Ava Labs and Chainlink. The issue centers on a gap between the SEC’s explanatory language and the actual regulatory text. Earlier this year, the SEC referred to ADA as a digital commodity rather than a security in the explanatory material accompanying its proposed crypto framework.