![Cardano Developer Rejects SEC Claim Its ADA Token Is a Cardano Developer Rejects SEC Claim Its ADA Token Is a Security](https://btcusa.com/wp-content/uploads/2023/06/Cardano-Developer-Rejects-SEC-Claim-Its-ADA-Token-Is-a-678x381.jpg)
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Judge Neomi Rao, writing for the unanimous court, said the SEC’s denial of the application was inconsistent with the approval of a pair of bitcoin futures ETFs, and did not explain why it viewed these types of products differently given the underlying bitcoin market had a “99.9% correlation” between spot and futures market prices. Grayscale’s argument that its proposed ETF was “materially similar” to the futures ETFs won.
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