Charles Hoskinson slammed the latest “regulatory action against Binance”, as a hidden agenda to steal people’s freedom of financial life.
Charles Hoskinson is a co-founder of Ethereum & founder of Cardano blockchain. In this initial phase of Ethereum development, Hoskinson contributed with his talent & further, he left the Ethereum project because of a dispute & disagreement with other Ethereum co-founders.
On 5 June 2023, Charles Hoskinson took to Twitter to share his opinion on the United States Securities and Exchange Commission’s (SEC) enforcement action against the Binance crypto exchange.
Hoskinson said that the SEC’s complaint against Binance includes 130 pages of information and it seems that it is an early step to implement chokepoint.2.0.
According to Hoskinson, the main agenda of this regulatory action is to implement end-to-end control of the financial activities of people via central bank digital currency (CBDC).
Furthermore, Hoskinson said that rules & laws allow individuals/entities to work under full compliance but here such things are showing that they are politically playing against the crypto sector.
The Cardano founder also noted that the US SEC agency is trying to take action outside its regulatory authority and it is trying to stop people from having self-identity & self-money control.
“An unelected group of people has 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,” Hoskinson explained.
According to Hoskinson, this is not a new thing, and further compared it with a fight between freedom and authoritarianism.
Binance vs SEC
On 5 June 2023, The US SEC sued the Binance exchange, Binance subsidiary BinanceUS, and Binance CEO Changpeng Zha over the violation of several federal laws.
The SEC body is facing criticism because its staff or any entity never provided any clarity over crypto regulatory laws but continuously initiated enforcement actions against crypto firms.