The SEC‘s case against the bitcoin exchange Binance is driven by the regulator’s ‘political and philosophical disagreement’ with the very existence of cryptocurrencies, says Cardano founder Charles Hoskinson.
With respect to Binance, I’m reading through the SEC complaint. It’s over 130 pages, but seems like the next in a series of steps to implement chokepoint 2.0 in the United States. The end goal is a agenda based CBDC partnered with a handful of massive banks and end-to-end control…
— Charles Hoskinson (@IOHK_Charles) June 5, 2023
He noted that the regulator’s attacks are a step toward implementing chokepoint 2.0. The final stage of this ‘program’ will be the adoption and launch central bank digital currency, Hoskinson says.
“An unelected group of people has decided that notions such as sovereign identity, wallet ownership, and the freedom to control one’s finances should be taken from the masses and handed to the ‘enlightened’ few,” said the Cardano founder.
In his view, the event is a signal to the entire crypto industry to unite to create a set of rules and guidelines grounded in common sense. Otherwise the United States will slide into a dystopia more dire than Orwell’s 1984, Hoskinson added.
The Cardano founder concluded his remarks with an optimistic forecast, noting a ‘bright future’ for the digital assets space.
On June 5, the SEC filed suit against Binance and Changpeng Zhao. The regulator filed 13 charges, including the sale of unregistered securities.
Subsequently reports emerged that the regulator’s claims are analogous to the charges brought against the beleaguered crypto exchange FTX and its Alameda Research subsidiary.
On the next day, the SEC filed suit against the Coinbase exchange. The regulator also asserts that the platform violated securities laws.
In May, Hoskinson criticized Ethereum Classic (ETC). In his view, the asset is a ‘scam for insiders’ who dump on ordinary investors.