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08/25/2023

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Cardano Founder Says SEC Is Not After Us, ADA Only Got Caught In Cross-fire Lawsuits - ELEVENEWS

During a recent interview featuring Cardano founder Charles Hoskinson, the focus shifted to the recent actions of the US regulator. The interviewer, Corey Costa, asked Hoskinson why the Securities and...

Cardano Founder Says SEC Is Not After Us, ADA Only Got Caught In Cross-fire Lawsuits - ELEVENEWS

During a recent interview featuring Cardano founder Charles Hoskinson, the focus shifted to the recent actions of the US regulator.

The interviewer, Corey Costa, asked Hoskinson why the Securities and Exchange Commission (SEC) comes after prominent blockchains like Cardano (ADA). Hoskinson argued from a different angle that it was incorrect to say the SEC was coming after Cardano. 

Hoskinson clarified that the appearance of ADA in the SEC lawsuit against Coinbase and Binance does not imply Cardano was under scrutiny. In his words:

“It’s very important to be accurate with our language. There’s no coming after Cardano. Just because in a lawsuit against some exchanges, they say that something is security [does not mean it is.] There’s been no enforcement event.”

Moreover, Hoskinson stated that if ADA were indeed a target, the SEC lawsuit would have taken a different approach. He remarked:

“If that occurred, you know the facts and circumstances would be different but that’s not the case for us.” 

SEC Lawsuit Is Political

Meanwhile, Hoskinson characterized the situation as political rather than rooted in securities laws. He pointed out that a specific political party in the United States received significant funding from an individual. 

According to him, the said individual later turned out to be involved in fraudulent endeavors akin to Bernie Madoff’s schemes. He added that with the person facing potential imprisonment, the party attempts to distance itself from the corruption.

While Hoskinson refrained from mentioning a name, the individual he referred to is the bankrupt FTX founder, Sam Bankman-Fried.

Moreover, Hoskinson mentioned the US political class went from a bipartisan environment to one heavily critical of crypto. He highlighted the shift from wanting to pass crypto laws to one where all crypto actors are criminals.

Meanwhile, Hoskinson noted the political class is merely taking hurting actions to cover up their misdeeds and show authority. Hoskinson criticized the impact of the actions on entrepreneurs, job creation, and competitiveness.

“It’s just fantasy. All they’re doing is hurting one of the great emergent Industries in the United States. [They’re] basically offshoring a large amount of great entrepreneurs who are creating jobs and creating competitiveness.”

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