Charles Hoskinson, the founder of Cardano, has shared some concerning predictions in light of the current Securities and Exchange Commission (SEC) lawsuit against Binance. He sketched a terrifying picture of a future akin to “1984”, complete with governmental control and a small number of almighty banks, in a long Twitter tirade.
According to U.Today, Binance and its CEO Changpeng Zhao are accused of breaking federal securities laws in the SEC’s case. According to the SEC, the biggest exchange in the world supplied unregistered platforms for trading securities, engaged in fraud, and purposefully avoided regulatory monitoring, putting investor money at risk.
The SEC’s claim that Cardano’s ADA, along with a number of other well-known cryptocurrencies, is an unregistered security worries Hoskinson and Cardano supporters the most.
Hoskinson launched his passionate Twitter monologue in reaction to the lawsuit, painting it as a component of a larger plan to create “chokepoint 2.0” in the United States.
According to him, the ultimate objective is the seizure of the public’s self-sovereign identity and economic agency as well as an all-encompassing state control over financial life.
The fact that the ADA coin was specifically mentioned in the SEC’s legal action against Binance most likely caused Hoskinson to overreact.
Despite his gloomy predictions, Hoskinson ended his rant on a positive note, telling his audience that “we are going to be fine… the future is bright for the industry.”
