Cardano’s Hoskinson: “We are going to be fine”

Cardano ($ADA) founder Charles Hoskinson has responded to the U.S. Securities and Exchange Commission’s suit against Binance filed yesterday.

The SEC has named Cardano (ADA) as a security, along with Solana (SOL) Binance’s BNB token, BUSD, Cosmos Hub (ATOM), Polygon (MATIC), Filecoin (FIL), Decentraland (MANA), The Sandbox (SAND), Algorand (ALGO), Axie Infinity (AXS), and COTI (COTI).

Hoskinson has since tweeted: “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 over every aspect of your financial life.

“A regulatory event is where you have a debate about compliance with a law or guidance. This event seems to be a polticial philosophical disagreement with the very existence of cryptocurrencies and what they represent. 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.

“Honestly, what is happening isn’t anything new. It’s always the same fight between freedom and authoritarianism just with different players, technology, and words. It does seem like this event is a perfect opportunity for the entire industry to set aside it’s fragmented nature and unite for a common sense set of rules and guidelines that can prevent the United States from slipping into a distopia that would make 1984 look like a vacation.

“I’ll have more to say later, but will close with we are going to be fine. Everything’s alright and the future is bright for the industry.”

Cardano (ADA) price

At the time of writing, the price of ADA is trading at $0.3528, down 5.68% in the past 24 hours. It is still ranked as the seventh-largest crypto on the market, with a cap of $12.3bn.