The recent Securities and Exchange Commission (SEC) lawsuit against Binance has promoted Cardano founder Charles Hoskinson to share some ominous predictions. In a lengthy Twitter rant, he painted a disturbing image of a "1984"-like future, replete with government control and a select few omnipotent banks.
As reported by U.Today, the SEC's lawsuit alleges violations of federal securities laws by Binance and its CEO Changpeng Zhao. The world's largest exchange, according to the SEC, offered unregistered securities trading platforms and committed fraud, intentionally circumventing regulatory oversight, thus putting investor assets at risk.
Most unsettling for Hoskinson and Cardano enthusiasts is the SEC's contention that Cardano's ADA, along with a host of other popular cryptocurrencies, is an unregistered security.
In response to the lawsuit, Hoskinson published his impassioned Twitter monologue, casting the lawsuit as a piece in a grander scheme to implement "chokepoint 2.0" in the U.S.
Tomiwabold OlajideHoskinson's overreaction was likely stoked by the specific mention of the ADA token in the SEC's legal action against Binance.
Despite his foreboding projections, Hoskinson concluded his tirade on an optimistic note, assuring his followers, "we are going to be fine... the future is bright for the industry."
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Arman Shirinyan
Dan Burgin
Vladislav Sopov