Cardano chief Charles Hoskinson has gone on the offensive against the US Securities and Exchange Commission in the wake of its legal action against crypto exchange Binance.
The SEC sued Binance on yesterday for allegedly violating federal securities laws. It claims the platform – and its CEO Changpeng ‘CZ’ Zhou – has been offering unregistered securities with its BNB token and the BUSD stablecoin.
Legal papers also accuse Binance’s staking service as a violation of securities laws.
The furore has already had an affect on the digital asset markets. Only moments after news broke of the lawsuit, flagship cryptocurrency Bitcoin lost almost $1,500 in value – dropping to $25,390 before recovering slightly.
However, much of the credit for arresting the fall has gone to Input Output Global boss Charles Hoskinson who steadied the crypto ship with some wise words and even a broadcast to calm the nervous markets.
Here’s what the head of Cardano had to say…
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 over every aspect of your financial life. A regulatory event is where you have a debate about compliance with a law or guidance. This event seems to be a political philosophical disagreement with the very existence of cryptocurrencies and what they represent.
An unelected group of people have decided that concepts like self-sovereign identity, owning your wallet, and the freedom to control your economic agency should be removed from the masses and given to the “enlightened” few.
Honestly, what is happening isn’t anything new. It’s always the same fight between freedom and authoritarianism just with different players, technology, and words. It does seem like this event is a perfect opportunity for the entire industry to set aside it’s fragmented nature and unite for a common sense set of rules and guidelines that can prevent the United States from slipping into a dystopia that would make 1984 look like a vacation.
I’ll have more to say later, but will close with we are going to be fine. Everything’s alright and the future is bright for the industry.