Staci Warden, CEO of the Algorand Foundation, stated that because they are not a party to the lawsuit, they would not respond to any other allegations made by the SEC.

Despite its Foundation’s refutation of the U.S. Securities and Exchange Commission’s (SEC) claim that the asset is a security, Algorand (ALGO) fell 10.42 percent in the last 24 hours.

As per CryptoSlate’s information, ALGO dropped to $0.19642 during the announcing, proceeding with its new spate of decline — down 14% over the most recent 30 days.

SEC labels ALGO as security

In its charges against Bittrex, a crypto exchange based in the United States, on April 17, the SEC claimed that Algorand and five other crypto assets were securities.

In its protest, the monetary controller claimed that ALGO was a security since financial backers in the token had a sensible assumption for benefits in view of the endeavors of others. In addition, the SEC claimed that ALGO customers invested in a common company.

The Algorand Foundation was also accused of “tying the potential growth of the Algorand blockchain to potential demand for the ALGO token itself and to its own commitment to preserving a price floor for ALGO,” according to the Securities and Exchange Commission.

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Algorand Foundation refutes SEC’s claims

The Algorand Foundation denied the SEC’s claims that the ALGO token was a security in a tweet on April 19.

As per the Establishment, ALGOs are not protections under U.S. regulation. “We welcome clear regulatory guidelines for the advancement and growth of the entire industry,” the Foundation added. It added:

“Our priority is to act in the best interests of our community, always. We look forward to seeing what this dynamic community will build next on Algorand.”

After a video of SEC Chair Gary Gensler praising the blockchain network’s technology resurfaced on Twitter, the Foundation’s case is also strengthened.

As a result of the fact that the Foundation is not a party to the SEC’s lawsuit against Bittrex, CEO Staci Warden also stated that the Foundation would not respond to any additional allegations.