Cardano Founder Charles Hoskinson Criticizes SEC for Treating Bitcoin Differently
Charles Hoskinson, the founder of Cardano, recently criticized the U.S. Securities and Exchange Commission (SEC) for giving Bitcoin preferential treatment compared to other cryptocurrencies. In a livestream, he accused the SEC of allowing Bitcoin to escape scrutiny over its decentralization status, while targeting other projects.
Hoskinson argued that if three entities were subpoenaed and attacked, they could perform a 51% attack on Bitcoin due to its hash power distribution. Despite this vulnerability, Bitcoin is considered decentralized by the SEC. Hoskinson described this discrepancy as an “absolutely pathetic joke” and questioned the difference between Bitcoin, Ethereum, and Cardano.
SEC’s Wasted Efforts and Unaccountable Government
Hoskinson further criticized the SEC for wasting millions of dollars in a futile battle against the crypto industry. He predicted that the SEC would continue to lose court cases and ultimately achieve nothing. Hoskinson also expressed his frustration with “unaccountable” government and regulators.
The Cardano founder praised libertarian lawmakers who are working towards unraveling government control. He emphasized that cryptocurrencies exist because the social contract has been broken and there is a need to collectively establish a new one.
SEC’s Claims Against Cardano
The SEC has consistently claimed that Cardano (ADA) is a security in its lawsuits against Binance and other crypto exchanges. However, Input Output Global (IOG), the company behind Cardano, has refuted these claims, stating that ADA does not meet the criteria to be classified as a security under U.S. securities laws.
Despite IOG’s response, the SEC has persisted in its assertion that Cardano is a security. The latest charges were filed against the crypto exchange Kraken.
Hot Take: Hoskinson Challenges SEC’s Treatment of Bitcoin
Charles Hoskinson, the founder of Cardano, has criticized the SEC for giving Bitcoin special treatment and failing to scrutinize its decentralization status. He questioned the difference between Bitcoin, Ethereum, and Cardano, and accused the SEC of wasting resources in a futile battle against the crypto industry. Hoskinson praised libertarian lawmakers who are working to unravel government control. The SEC continues to claim that Cardano is a security, despite IOG’s refutation of this classification. Overall, Hoskinson believes that cryptocurrencies exist to establish a new social contract in response to a broken system.
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