Cardano Creator Warns SEC Lawsuit Against Binance Is Part of Crypto Suppression Efforts, Says End Goal Is a CBDC

Cardano (ADA) creator Charles Hoskinson says that the U.S. Securities and Exchange Commission (SEC) is taking legal action against Binance as part of a broader effort to clamp down on the digital assets industry.

On Monday, the SEC filed 13 charges against the world’s largest crypto exchange and its founder, Changpeng Zhao, for allegedly violating different securities laws.

Among other allegations, Binance is accused of operating illegal exchanges, selling unregistered securities, inflating its trading volume artificially and diverting customer funds.

Hoskinson says that the primary reason the SEC filed the lawsuit against Binance is to pave the way for a central bank digital currency (CBDC).

“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 an agenda-based CBDC partnered with a handful of massive banks and end-to-end control over every aspect of your financial life.”

He says the SEC is already exercising too much authority in imposing how people should own and control their funds.

“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.”

But Hoskinson remains optimistic. He says crypto stakeholders can work together towards shared objectives for the industry.

“It does seem like this event is a perfect opportunity for the entire industry to set aside its fragmented nature and unite for a common sense set of rules and guidelines that can prevent the United States from slipping into a dystopia that would make 1984 look like a vacation… we are going to be fine. Everything’s alright and the future is bright for the industry.”

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