Charles Hoskinson said that the SEC complaint against Binance is more of a political and philosophical disagreement than a non-compliance issue. Hoskinson made the assertion in a post he made on Twitter on Monday, June 5, 2023, saying that the over 130-page complaint doesn’t reflect a motivation to bring the exchange in line with existing laws. He said that what he found out while reading through the complaint is that the regulator is pursuing a political agenda, which the operations of Binance seem to be at variance with.
An agenda-based CBDC partnered with a handful of banks
“With respect to Binance, I’m reading through the SEC complaint. It’s over 130 pages, but it seems like the next step 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 wrote.
Hoskinson highlighted that what a regulator bent on compliance would have done was create a communication channel to ensure compliance with the law. However, what he observed is a situation in which the government is using the regulator to stifle the exchange because it stands against the political and philosophical ideals of the powers behind the scenes teleguiding the SEC.
Freedom versus authoritarianism
The Cardano founder said that
“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.”
He added that it is not a new fight but an ongoing contest between authoritarianism and freedom. He advised that this is the time that the crypto community and the industry should unite to confront the new form of authoritarianism that has arisen against the decentralized economy.
Unity as the solution
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 a agenda based CBDC partnered with a handful of massive banks and end-to-end control…
— Charles Hoskinson (@IOHK_Charles) June 5, 2023
He said that it is time for the industry to forge a common front that would confront the political challenges that desire to stifle the financial independence that comes from the blockchain economy.
In his response, Binance CEO Changpeng Zhao repeated Hoskinson’s words.
CZ, reacting to the opinion, said,
“”a perfect opportunity for the entire industry to set aside its fragmented nature and unite for a common-sense set of rules and guidelines.””CZ
On a final note, Hoskinson said that the industry’s future is still bright and that things will hopefully turn out well.
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