Charles Hoskinson Explains Reasons for SEC Lawsuit Against Binance


Case SEC against the bitcoin exchange Binance is motivated by the “political and philosophical disagreement” of the regulator with the very existence of cryptocurrencies, said Cardano founder Charles Hoskinson.

He noted that the Commission’s attacks are a step towards the implementation of “checkpoint 2.0”. The final stage of this “program” will be the adoption and launch of the central bank’s digital currency, Hoskinson said.

“An unselected group of people decided that concepts such as sovereign identity, ownership of a personal wallet and the freedom to control their finances should be taken from the masses and transferred to the “enlightened” few,” said the founder of Cardano.

In his opinion, this event is a signal for the entire crypto industry to unite for the sake of “creating a set of rules and recommendations based on common sense.” Otherwise, the US will “slide into a dystopia” worse than Orwell’s 1984, Hoskinson added.

The developer summed up the appeal with a positive outlook, declaring a “bright future” for the digital asset industry.

On June 5, the SEC sued Binance and Changpeng Zhao. The regulator brought 13 charges, including the sale of unregistered securities.

Reports later emerged that the Commission’s claims were similar to those brought by the agency against the failed crypto exchange FTX and its subsidiary Alameda Research.

The next day, the SEC filed a lawsuit against the Coinbase exchange. The regulator also alleges that the platform violated securities laws.

Recall that in May, Hoskinson criticized the Ethereum Classic (ETC) cryptocurrency. In his opinion, the asset is a “scam for insiders” who dump on ordinary investors.

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