These press-friendly events and organizations are fabulous feathers in Algorand's promotional hat. Other sponsorship deals include the Drone Racing League, the Gotham FC soccer club in New York, and the FIDE Grand Prix series of professional chess tournaments. We're talking about the official blockchain platform of FIFA and the FIFA World Cup of soccer. While Ethereum has cornered the market on decentralized finance (DeFi) and non-fungible tokens (NFTs), Algorand has yet to make a significant splash in these realms.Īlgorand has landed some interesting deals in non-financial realms, of course. One issue that appears to drag it down is a lack of high-profile partnerships and limited adoption of its platform. Despite its strengths, Algorand hasn't been immune to turbulence. It's not all encrypted rainbows and digital butterflies outside the courtroom. If you feel like you've heard this line of reasoning before, perhaps you've kept up with the SEC's similarly worded lawsuit against the Ripple Foundation and XRP ( XRP 0.13%). The SEC alleges that the Algorand Foundation's promotion of the initial Algorand token sale in 2019 led investors to expect profits from the growth of the Algorand protocol. This lawsuit has cast a shadow over Algorand's future and is a key reason behind the recent price dip. So it looks like the SEC wants to lay a heavy regulatory hand on the crypto industry in general, naming Algorand and a small group of peers as particular targets. However, many enthusiasts, cryptocurrency inventors, and investors would prefer a less onerous classification as a currency, flowing through the economy and your accounts more like a simple dollar or euro. Officially classifying cryptocurrencies as securities would make them subject to the same regulations for trading and ownership as stock or bonds. The statement was made in a lawsuit against Bittrex, a popular crypto exchange. On April 17, 2023, the Securities and Exchange Commission (SEC) categorized Algorand and five other cryptocurrencies as securities.

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