Cardano Founder: SEC’s End Goal is “Control Over Every Aspect of Your Financial Life”

Charles Hoskinson, founder of Cardano, has responded to the recent news regarding the U.S. Securities and Exchange Commission (SEC) filing charges against Binance.

In a tweet, Hoskinson expressed his apprehension regarding the SEC’s actions and raised concerns about the potential implementation of what he refers to as “chokepoint 2.0” in the United States. He suggested that the ultimate objective behind these regulatory steps is to establish a centralized “agenda-driven Central Bank Digital Currency (CBDC)” in collaboration with a select few major banks, enabling complete control over individuals’ financial lives.

In his analysis of the SEC complaint against Binance, Hoskinson highlighted the extensive nature of the document, spanning over 130 pages. He characterized this event as part of a larger ideological conflict rather than a straightforward regulatory debate about compliance.

According to him, an unelected group of individuals has embarked on an endeavor to strip away fundamental cryptocurrency principles, such as self-sovereign identity, wallet ownership, and economic agency, from the general public, reserving them for a privileged few.

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Hoskinson noted that the ongoing situation echoes a timeless struggle between freedom and authoritarianism, albeit with different players, technological advancements, and rhetoric. He expressed concern that the current event presents an opportunity for the entire cryptocurrency industry to set aside its fragmented nature and unite in the face of a potential dystopia that would surpass the dystopian vision depicted in George Orwell’s novel “1984.”

Despite the challenges at hand, Hoskinson conveyed optimism about the industry’s future. He reassured his followers that cryptocurrency will weather the storm and emerge stronger than ever.