An American lawyer who has been closely following the lawsuit brought by the U.S. Securities and Exchange Commission (SEC) against Ripple Labs over the sale of XRP tokens has weighed in on the fate of several other altcoins.
In a recent YouTube video, Jeremy Hogan, a partner at the law firm Hogan & Hogan, shared his views on which popular altcoins could also receive regulatory backlash from the SEC.
According to Hogan, Cardano could face pressure from the SEC as ADA was originally released via an initial coin offering (ICO). Although he considers this fact “problemaic”, he seems to feel that Cardano is fairly safe since the vast majority of those who participated in the ICO were Japanese citizens and not Americans.
Hogan dismissed the notion that the SEC would go after Dogecoin, noting the memecoin was released via mining and did not undergo an ICO or token sale.
However, the lawyer said that Polkadot could face more scrutiny from the regulatory body given the prior involvement of Web3 Foundation (which developed the Polkadot protocol) with several ICOs.
Hogan concluded with Uniswap, saying the project had a “4/10” danger rating since Uniswap Labs did not conduct an ICO and did not profit in way from the September 2020 airdrop of 400 UNI tokens to Uniswap users