“Chokepoint” Reminder from Hoskinson

Following the lawsuit filed by the SEC, messages of support continue to come to Binance and its CEO, Changpeng Zhao. Another important name who published a message of support was Cardano’s founder, Charles Hoskinson. Hoskinson stated that the SEC is reviewing the lawsuit and stated that it appears to be part of a move called “Chokepoint 2.0” in the US. According to Hoskinson, the end goal of these steps will be a central bank digital currency (CBDC) working in partnership with a handful of giant banks and gaining full control over every aspect of financial life.

Hoskinson stated that he thinks the SEC’s filing is more of a political philosophical disagreement regarding the existence of cryptocurrencies and the concepts they represent, beyond a discussion of legal compliance. Hoskinson argued that an “unelected group of people” aimed to take concepts such as individuals’ own identity, control their wallets, and freely direct their economic actions from the masses and give them to the “enlightened” minority.

Indeed, what has happened is nothing new. The struggle between freedom and authoritarianism is always the same, just with different players, technology and words. This event seems like the perfect opportunity for the entire industry to put aside its fragmented nature and unite for a prudent set of rules that could prevent the United States from slipping into a dystopia that would make 1984 look like a holiday.

Hoskinson stated that he would make more statements later, but stressed that everything is going well for now and the future of the industry is bright.

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