Cardano founder Charles Hoskinson led out an emotional Twitter rant on the recent Securities and Exchange Commission [SEC] legal action against Binance.
“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.“
According to Hoskinson, the ultimate goal is to implement CBDC and, with the aid of a small number of significant institutions, have total control over all parts of people’s financial lives.
He also berated SEC’s move calling it a politics-driven “philosophical disagreement with the very existence of cryptocurrencies and what they represent”, instead of a regulatory discussion about “compliance with a law or guidance.”
Hoskinson expressed shock at how an “unelected SEC” could represent itself as the only defender of economic liberty, saying that “ideas like self-sovereign identity, controlling your wallet, and the ability to manage your economic agency are being taken away from the majority and given to the enlightened few.”
The other day, SEC slapped Binance and its affiliated firms with lawsuits for facilitating trading for several tokens that are considered securities and evading supervision by US authorities.
However, what might have caught Hoskinson’s attention was the SEC’s classification of Cardano’s ADA, along with several other well-known cryptocurrencies, as an unregistered security.
SEC Label Cardano As Security In The Binance’s Lawsuit
Along with ADA, the SEC report also mentions BNB, BUSD, SOL, MATIC, FIL, ATOM, SAND, MANA, ALGO, AXS, and COTI tokens.
The founder of Cardano made some foreboding forecasts in which he portrayed a gloomy picture of a future akin to “1984”, complete with centralized government control and a select few all-powerful banks.
Hoskinson also stated that he was not surprised by the present regulatory situation and believed that it was nothing new.
The struggle between freedom and despotism never changes; only the participants, technology, and language do.
“It does seem like this event is a perfect opportunity for the entire industry to set aside its fragmented nature and unite for a common-sense set of rules and guidelines,” he added.
Hoskinson ended his outburst on a positive note, assuring his followers that “we are going to be fine… the future is bright for the industry.”