The cryptocurrency market is in turmoil, with Cardano (ADA) and other altcoins plummeting in value. ADA has lost over 24% of its value in the past 24 hours, and the broader altcoin market is also trading in the red.

The recent lawsuit filed by the SEC against Coinbase and Binance US has sent shockwaves through the cryptocurrency market. The agency alleges that numerous altcoins, including Cardano (ADA), meet the criteria for being classified as securities. This development has contributed to the market’s volatility and investor unease.

In response, Cardano’s development firm, Input Output Global, has released a blog post refuting the claims that ADA should be considered a security. The company stands firm in its assertion that ADA is not a security, presenting its perspective on the matter.

The ongoing market turmoil, coupled with concerns surrounding the SEC’s involvement, has created a challenging environment for cryptocurrency investors.