Charles Hoskinson, founder of Cardano, offered his thoughts on the recent regulatory complaint against Binance and its CEO Changpeng Zhao, shedding light on what he sees as a potential threat to the future of cryptocurrencies in the United States.
Hoskinson’s tweets focused on what he called “Bottleneck 2.0” and the potential implications for financial freedom.
Hoskinson emphasized the expansive nature of the 136-page complaint and suggested that it could be part of a larger plan to take greater control of people’s financial lives.
Lawsuit against Binance is the only reason
Notably, the founder of Cardano expressed concern that the ultimate goal of the lawsuit against Binance could be to create a centralized digital currency (CBDC) agreed to by a select group of powerful banks, giving them complete control over all aspects of people’s financial activities.
According to Hoskinson, everything that is happening goes beyond a simple discussion of compliance with the requirements of the law. He believes that this represents a philosophical disagreement about the existence of cryptocurrency and its basic principles.
He argues that a select group of individuals have deemed such concepts as sovereign identity unworthy of the masses, intent on concentrating these privileges in the hands of a privileged few.
Hoskinson’s point of view draws attention because the battle between freedom and authoritarianism has occurred quite frequently throughout history.
However, he also suggests that this particular event provides an opportunity for the cryptocurrency industry to come together and establish a single set of rules and guidelines to prevent the United States from sinking into a dystopia.