The creator of Cardano (ADA), Charles Hoskinson, says the US Securities and Exchange Commission (SEC) is taking legal action against Binance as part of a broader effort to clamp down on the digital asset industry.
On Monday, the SEC filed 13 charges against the world’s largest crypto exchange and its founder, Changpeng Zhao, alleging violations of several securities laws.
Binance is accused of operating illegal exchanges, selling unregistered securities, artificially inflating trading volume and diverting customer funds, among other charges.
Hoskinson say that the main reason the SEC filed the lawsuit against Binance is to pave the way for a central bank digital currency (CBDC).
“Regarding Binance, I am reading through the SEC complaint. It’s over 130 pages, but appears to be the next in a series of steps to implement chokepoint 2.0 in the United States. The end goal is an agenda-based CBDC that partners with a handful of massive banks and has end-to-end control over every aspect of your financial life.”
He says the SEC is already exercising too much authority by dictating how people should own and manage their money.
“An unelected group of people has decided that concepts like self-sovereign identity, ownership of your wallet and the freedom to control your economic power should be removed from the masses and given to the ‘enlightened’ few.”
But Hoskinson remains optimistic. He says crypto stakeholders can collaborate on shared goals for the industry.
“It seems like this event is a perfect opportunity for the entire industry to put aside its fragmented nature and unite for a common sense of rules and guidelines that can prevent the United States from sliding into a dystopia that would leave 1984 out. think of it as a vacation… we’ll be fine. Everything is fine and the future looks bright for the industry.”
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