SEC Abandons Coinbase Suit: Relief Rally for Cardano (ADA)—Price Analysis

• The SEC dropped its lawsuit against Coinbase wherein the agency said that ADA is a security. 
• Chances of the approval of a spot Cardano (ADA) ETF in the US stands at 70%. 
• The US Crypto Reserve would also include ADA, further establishing its dominance.

The surprise move by the United States Securities and Exchange Commission (SEC) to drop its case against Coinbase, has investors turn their attention to Cardano (ADA). This is significant because in its lawsuit against Coinbase, the SEC had classified ADA as an unregistered security, along with at least 12 other digital assets.

The sudden about-face comes in light of the formation of the Crypto Task Force, which aims to establish a clear framework for the industry. This could signal a shift towards a more structured – and potentially more favorable – approach to crypto regulation under Acting Chairman Mark T. Uyeda. 

Related: Cardano (ADA) Price Analysis: 25% Crash Deep Dive — Expert Price Prediction: $10 Rebound Possible Despite Bearish Trend

ADA’s Price: Mixed Signals

Currently, Cardano (ADA) is trading at $0.7265, marking a 1% de…

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