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Algorand Down 10% Despite Foundation Claims That It Isn’t Security

Algorand (ALGO) fell 10.42% in the last 24 hours, dropping to $0.19642, despite the Algorand Foundation refuting the SEC's claim that the asset is a security. The SEC alleged that ALGO was a security because investors in the token had a reasonable expectation of profits based on the efforts of others, with the Algorand Foundation "tying the potential growth of the Algorand blockchain to potential demand for the ALGO token itself and to its own commitment to preserving a price floor for ALGO." However, the Foundation refuted the allegations, stating that ALGOs are not securities under US law.

(By Oluwapelumi Adejumo)

Algorand Algorand $0.18
+23.7%
SEC
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