The attention on Cardano came as StakeWithPride highlighted its frequent mentions in the legal documents, which has led to heightened scrutiny among investors and traders. Meanwhile, Tony Edward pointed out that XRP and Ethereum (ETH) were not listed as securities in the lawsuit, which contrasts with other cryptocurrencies such as Axie Infinity (AXS) and Algorand (ALGO), based on a chart from TradingView.
Other cryptocurrencies also felt the impact of the ongoing legal developments, with Solana (SOL) dropping to $55.71 and NEAR Protocol (NEAR) declining to $1.92 at one point during the day. However, both managed to maintain an upward trajectory over the past week, posting gains of +0.81% for SOL and an impressive +18% for NEAR, respectively.
The case against Kraken has become a focal point for the crypto community as it may set precedents for how digital assets are classified and regulated in the United States. The outcome could have significant implications for the industry, influencing both market sentiment and the regulatory landscape moving forward.
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Source: Cryptocurrency - investing.com
