Cardano Founder’s Warning: Crypto’s Power to Prevent a Dystopian Future
After the United States Securities and Exchange Commission (SEC) filed a lawsuit against Binance, the largest cryptocurrency trading platform, and its CEO, Charles Hoskinson, the founder of Cardano (ADA), expressed the need for unity within the crypto industry to resist authoritarianism.
Hoskinson stated that the SEC’s complaint is part of a larger plan known as “chokepoint 2.0” aimed at exerting control, referring to a letter titled “Operation Choke Point 2.0: The Federal Bank Regulators Come For Crypto” written by the law firm Cooper & Kirk.
This letter outlines a coordinated effort by regulators to target crypto businesses and force them out of the financial system.
Drawing parallels to a previous initiative called Operation Choke Point, where regulators used banks to target industries that were out of favor with the administration, the letter describes the current campaign as a “war on crypto.”
According to Hoskinson, the ultimate objective of this operation is to establish a centrally controlled digital currency in partnership with major banks, thereby undermining the core principles and freedoms offered by cryptocurrencies.
He sees this as a philosophical disagreement over the existence and values of cryptocurrencies, where a select few aim to strip away concepts such as self-sovereign identity and individual control over the economic agency.
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Hoskinson recognizes that debates on compliance and regulation are not new in the crypto industry. However, he warns that this regulatory event could lead the United States toward a dystopian future.
To counter this, he calls for the industry to set aside its differences and unite under a set of sensible rules and guidelines, preventing the country from descending into a dystopia reminiscent of George Orwell’s novel “1984,” characterized by an oppressive regime and totalitarian control.
The SEC’s lawsuit against Binance is the latest in a series of actions targeting crypto businesses, including high-profile legal battles with Ripple, regulatory measures against Bittrex, and a strong warning issued to Coinbase regarding impending enforcement actions.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
