Cardano developer IOG has refuted the U.S. Securities and Exchange Commission’s (SEC) claim that ADA is a security, CoinDesk reported. IOG stated that “under no circumstances is ADA a security under U.S. securities laws” and that the SEC’s allegations contained “numerous factual inaccuracies.” The IOG stated that the allegations will have no impact on IOG’s operations, and believes that regulation through enforcement actions has not provided the necessary clarity or certainty that the blockchain industry and consumers deserve. Foresight News previously reported that on June 6, the US SEC claimed in a lawsuit against Coinbase that among the encrypted asset transactions provided by Coinbase, SOL, ADA, MATIC, FIL, SAND, AXS, CHZ, FLOW, ICP, NEAR, VGX, DASH and NEXO are securities.