Charles Hoskinson, founder of Cardano (ADA), one of the largest cryptocurrencies by market capitalization, has sued Binance and its CEO Changpeng Zhao (CZ) for allegedly violating securities laws with the U.S. Securities and Exchange Commission. released a statement criticizing the SEC.
In a lengthy post on his Twitter account, Hoskinson accused the SEC of pursuing a "chokepoint 2.0" agenda aimed at controlling every aspect of people's financial lives through a central bank digital currency (CBDC) and a handful of major banks.
He said the SEC's lawsuit was not a regulatory event, but a "political philosophical dispute" with the existence of cryptocurrencies and what they represent.
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
Hoskinson claimed that the SEC was trying to take away the concepts of independent identity, the freedom to own one's own wallet and control their economic activities from the masses and give them to the "enlightened" few.
Comparing the situation to a struggle between freedom and authoritarianism, Hoskinson said that this is the perfect opportunity for the entire cryptocurrency industry to unite for a prudent set of rules and guidelines that can prevent the United States from slipping into a dystopia.
He also expressed his belief that the industry will survive and thrive despite legal challenges, and said he would have more to say later.
CZ responded to Hoskinson's statement with a quote from his Twitter account, highlighting the episode where Hoskinson called for unity in the industry.
🙏 "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"
— CZ 🔶 Binance (@cz_binance) June 5, 2023
*Not investment advice.
