Just one day ago, the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) jointly released guidance classifying ALGO as a digital commodity. The Algorand Foundation announced a 25% workforce reduction, citing a challenging macroeconomic environment and a depressed cryptocurrency market. The foundation stated that the layoffs are a difficult but necessary measure aimed at achieving long-term sustainable development. At the same time, the foundation clarified that even though ALGO was included in the guidance only in footnote form, it solidifies its status as a commodity and has no association whatsoever with the futures market.

ALGO-5.26%

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