IOG, the Cardano development company, has rejected claims from the US Securities and Exchange Commission (SEC) that ADA, the blockchain's native token, can be considered a security. IOG stated that SEC lawsuits filed earlier this week against crypto exchanges Binance and Coinbase, which included ADA in a list of crypto tokens that count as securities, contained "numerous factual inaccuracies."

The company said the allegations would have no impact on its operations and insisted that ADA has never been a security under US securities laws. IOG called for responsible legislation based on a fundamental understanding of how decentralized blockchains operate.