Many prominent figures in the crypto industry have spoken out in favor of Binance.

Hoskinson pointed out that the latest SEC move seems more like enforcement by force.

Shockwaves have been felt across the cryptocurrency industry after Monday’s SEC lawsuit against cryptocurrency exchange Binance. Over the last 24 hours, Bitcoin and the cryptocurrency market as a whole have dropped by 4%.

Many prominent figures in the cryptocurrency industry have spoken out in favor of Binance and its leadership team. Charles Hoskinson, CEO of Cardano, described the SEC’s move as “a series of steps to implement chokepoint 2.0 in the United States” in a lengthy tweet.

He said that the SEC had an “agenda” of promoting CBDC in the market. Via collaboration with leading banks and comprehensive regulation of the financial industry.

Enforcement by Force

In addition, Hoskinson pointed out that the latest SEC move seems more like enforcement by force than enforcement by conversation and debate. He also likened the conflict between “freedom and authoritarianism” to the SEC’s move, noting that the only difference is the presence of new players and technologies.

According to Cardano’s CEO, this conflict is a political and intellectual debate about the ideas upon which cryptocurrencies are built. He continued by saying that a small number of unelected people are now deciding whether or not ideas like individual sovereignty, pocketbook ownership, and economic independence will remain in society.

Therefore, Hoskinson advocated for the crypto sector to band together and take a unified front against the regulatory action. Binance has received support from many industry heavyweights, including Hoskinson. In a letter to CZ, Tron founder Justin Sun expressed confidence in his “integrity” and claimed he had complete backing.

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Filed under: Bitcoin - @ June 6, 2023 10:24 am