SEC can’t kill Cardano or ADA

• The Cardano boss, who has disapproved of the Kraken SEC settlement, remains bullish on the proof-of-stake (PoS) industry.
• Bitcoin price has gained about 12 percent in the last 24 hours to trade above $24.5k.

The cryptocurrency market in the United States has faced immense regulatory pressure following the FTX and Terra Luna collapse. Earlier last year, the Biden administration issued an executive order to ensure the responsible development of digital assets.

In the executive order, the Biden administration directed the respective government agencies, including the Securities and Exchange Commission (SEC), to clamp down on predatory crypto projects to protect investors.

With the Ripple vs SEC lawsuit still ongoing, Gary Gensler and his team have intensified the scrutiny on DeFi projects, particularly those that offer staking programs. Additionally, the United States regulators have gone after the stablecoins market, arguing that they are unregistered securities.

As a result, crypto projects in the United States have begun looking for other markets to get registered to ensure long-term growth prospects. Meanwhile, whale traders have been recorded offloading Circle’s USDC, with on-chain data showing increased Bitcoin purchases.

#Bitcoin has launched to a 6-month high, surprising the #bearish trader sentiment. With prices jumping above $24.2k for the first time since Aug. 14th, 2022, watch for whale addresses increasing as a sign of increased key stakeholder confidence. https://t.co/ztEhsIYNAY pic.twitter.com/ZJSfjrwJvA

— Santiment (@santimentfeed) February 15, 2023

Cardano boss bullish on ADA, Bitcoin, and Crypto

In a tweet by Fox Business Senior Correspondent Charles Gasparino, Cardano founder Charles Hoskinson asserted that the SEC and Gensler cannot destroy the crypto industry. Notably, Hoskinson argued that if the Biden administration cannot kill the oil industry, then the crypto market is bulletproof from Gensler’s shots.

Breaking: @EleanorTerrett asked the great @IOHK_Charles if he thinks @GaryGensler can destroy the crypto industry. His response: “Can Biden kill oil?” More on the @SECGov’s regulatory jihad at 345pm w @LizClaman on @FoxBusiness

— Charles Gasparino (@CGasparino) February 14, 2023

The Cardano boss, who has disapproved of the Kraken SEC settlement, remains bullish on the proof-of-stake (PoS) industry. Moreover, the Valentine SECP upgrade is now live on the Cardano mainnet, enabling seamless cross-chain communication between different DeFi projects.

The #Valentine SECP upgrade is now live on #Cardano mainnet

With new built-in functions to support ECDSA & Schnorr signatures#Cardano will now have

Enhanced security

Improved developer experience

& Better cross-chain interoperability#CardanoADA #CardanoCommunity pic.twitter.com/mUX1KyqzBy

— Sooraj (@SoorajKSaju) February 15, 2023

The Cardano blockchain has attracted more decentralized financial (DeFi) developers since the Alonzo hard fork officially launched. Moreover, smart contracts on the Cardano ecosystem were enabled, a massive feature in adopting DeFi protocols.

Over $122 million has been locked up in the Cardano network, primarily by decentralized exchanges (DEXs) and lending protocols. Among the top Cardano DeFi projects include Djed stablecoin, WingRiders, Minswap, and SundaeSwap, among others.

Nevertheless, the Cardano DeFi ecosystem has a lot to catch up, with the total value locked in the entire industry at about $50.59 billion, according to defillama. The competition in blockchain development has increased the quality of existing projects through hard forks. 

Takeaway points

The crypto market led by Bitcoin has risen since the calendar flipped in January. Bitcoin price has gained approximately 12 percent in the past 24 hours to trade above $24.5k today. Over $211 million has been liquidated in the crypto market in the past 24 hours.

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