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The Cardano Foundation’s Steadfast Support For On-Chain Governance
In line with the vision of CIP-1694 and its role in steering Cardano toward a fully decentralized on-chain governance structure, the Cardano Foundation reaffirms its commitment to this pivotal advancement. In a strategic move, the Cardano Foundation has announced its intention to utilize its 11.4 million ADA wallet for voting in the upcoming governance changes.
This decision aligns with the evolution in the Cardano ecosystem toward solidifying decentralized governance policies for the network’s enduring sustainability. CIP-1694 is the cornerstone of Voltaire. This phase holds the critical elements required for the network to achieve self-sufficiency, marking a pivotal moment in Cardano’s governance evolution.
The impending polling event on CIP-1694, facilitated through the ‘Cardano Ballot,’ a collaborative effort between the Cardano Foundation, Intersect, and Input-Output, will test the progress achieved in the Voltaire governance epoch.
Active Participation And Community Engagement In Cardano’s Governance
The ‘Cardano Ballot’ constitutes a non-binding survey enabling the community to contribute formal feedback on the network’s governance process. Beyond the votes, the feedback gathered will significantly shape the protocol’s governance and developmental roadmap for 2024.
Participation in this ballot requires a stake-based approach, including a browser extension wallet supporting CIP-30 and a stake of at least one Lovelace. Scheduled to commence on December 1 and conclude on December 11, the Cardano ballot event marks a critical juncture for community engagement and input in revolutionizing Cardano’s future governance strategies.
SEC Lawsuit Labels ADA And SOL As Securities In Kraken Case
Meanwhile, Kraken, a leading cryptocurrency exchange, is the latest crypto platform embroiled in a legal tussle with the US Securities and Exchange Commission (SEC). Notably, a part of the court filing from the SEC categorized SOL, ADA, and several other digital assets as securities.
The US regulator claimed that Kraken’s sales of these digital assets did not follow the appropriate process. However, Dave Ripley, Kraken’s CEO, opposed the US SEC’s allegations, asserting that the exchange doesn’t engage in listing securities.
The CEO further argued that there are factual inaccuracies and a lack of a clear framework surrounding the commission’s claims. Therefore, he called upon Congress to intervene and address these regulatory uncertainties, expressing Kraken’s steadfast commitment to supporting efforts for regulatory clarity in the US crypto space.
Despite the legal dispute, Kraken has reassured its users of unwavering dedication to its core mission, assuring them that there would be no disruption in the platform’s services for users within and outside the US.
SOL, ADA, And MATIC Among Cryptocurrencies Under The SEC’s Radar
The SEC’s lawsuit against Kraken isn’t new; it is similar to its actions against prominent exchanges in classifying all cryptocurrencies (except BTC) as securities. Earlier legal actions by the SEC targeted exchanges like Binance and Coinbase, alleging a lack of proper registration for tokens such as SOL, ADA, and MATIC.
Meanwhile, Charles Hoskinson, the founder of Cardano, clarified that there hadn’t been any specific enforcement action directly targeting ADA. However, Input Output Global (IOG), the developmental entity behind Cardano, has argued against the SEC’s claims that the blockchain’s governance tokens are securities.
Like the IOG, the Solana Foundation has also made similar arguments for SOL tokens.
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