Cardano Creator Warns SEC Binance Lawsuit Is Crypto Suppression

Charles Hoskinson, who made the cryptocurrency Cardano (ADA), says that the U.S. Securities and Exchange Commission (SEC) is suing Binance as part of a larger effort to crack down on the digital assets business.

On Monday, the SEC brought 13 charges against the world’s biggest cryptocurrency exchange and its founder, Changpeng Zhao, for breaking different securities laws.

Binance is accused, among other things, of running illegal exchanges, selling securities that aren’t registered, inflating its trade traffic artificially, and taking customer funds.

Hoskinson says that the main reason the SEC sued Binance was to make it easier to create a central bank digital currency (CBDC).

“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 an agenda-based CBDC partnered with a handful of massive banks and end-to-end control over every aspect of your financial life.”

He says that the SEC already has too much power to tell people how to own and control their money.

“An unelected group of people have decided that concepts like self-sovereign identity, owning your wallet, and the freedom to control your economic agency should be removed from the masses and given to the ‘enlightened’ few.”

But Hoskinson stays optimistic. He says that people involved in the crypto business can work together to reach the same goals for the industry.

“It does seem like this event is a perfect opportunity for the entire industry to set aside its fragmented nature and unite for a common sense set of rules and guidelines that can prevent the United States from slipping into a dystopia that would make 1984 look like a vacation… we are going to be fine. Everything’s alright and the future is bright for the industry.”