Cardano Founder Charles Hoskinson Criticize SEC Cracking Down on Companies Outside Its Jurisdiction

Charles Hoskinson, the creator of Cardano, comments on the unfairness of the SEC.

During the hearing on Tuesday, the Director of Enforcement for the SEC, Gurbir Grewal, was questioned regarding the manner in which the SEC governs unfairly. 

In response, he admitted that the regulatory body is cracking down on businesses that are located outside of its jurisdiction. Charles Hoskinson, the creator of Cardano, responded to the news by making a sarcastic remark and said that he would file this under “tell me how you really feel.”

I’ll file this under “tell me how you really feel” https://t.co/aqYDgL85ii

— Charles Hoskinson (@IOHK_Charles) July 20, 2022

In addition, Grewal requested extra resources from Congress, including funding to increase the number of staff members working on the agency’s crypto regulatory initiatives. 

This is not the first time Hoskinson is taking aim at the regulatory agency. Just a few weeks ago, Hoskinson said that the case-by-case approach used by regulators should be avoided at all costs since it causes everyone to live in terror. He said this only illustrates what might occur when regulation is carried out by enforcement rather than law.

The blockchain engineer believes that the SEC should establish unambiguous and easy-to-grasp guidelines. In addition, there must be a transparent procedure that individuals may follow in order to adhere to and meet those criteria.

In related news, SEC enforcement proceedings against crypto businesses have piled up to the point that the agency’s fledgling crypto section is becoming overburdened, the regulator told the House Financial Services Subcommittee on Investor Protection, Entrepreneurship and Capital Markets, which monitors SEC enforcement activities.

Furthermore, legislation aimed at regulating digital assets categorically was proposed earlier this month and is expected to become law. The Commodities and Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) both have authority over digital assets.

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