After a landmark case was brought against two of the largest crypto exchanges in the world- Binance and Coinbase, by the SEC, market leaders are joining in support. According to the regulator, Binance and its CEO Changepeng Zhao have been involved in an extensive web of deception, conflicts of interest, lack of disclosure, and calculated evasion of the law. The regulator further names a list of tokens traded on the exchange that it believes to be securities. Among the named ‘securities’ is Cardano’s ADA.
Charles Hoskinson who has long advocated for regulations in the crypto industry explaining that this would promote institutional investment as well as protect investors has responded to the SEC. Hoskisnon has now called on the crypto community to be united to fight against the government’s attack on crypto.
He explained that in a series of steps to implement Chokepoint 2.0, the end goal being an agenda-based CBDC partnered with a handful of massive banks and end-to-end control over every aspect of citizens’ financial life.
With respect to Binance, I'm reading through the SEC complaint. It's over 130 pages, but seems like the next in a series of steps to implement chokepoint 2.0 in the United States. The end goal is a agenda based CBDC partnered with a handful of massive banks and end-to-end control…— Charles Hoskinson (@IOHK_Charles) June 5, 2023
Input Output (IOG) which was founded by Charles Hoskinson and is mandated with the research and development of Cardano has also responded. The company accuses the SEC of filing a complaint with numerous factual inaccuracies. It also insists that ADA is not security based on its decentralized nature. In a blog post, the company wrote;
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