Following the lawsuit filing by the U.S. Securities and Exchange Commission (SEC) against Binance, encompassing 13 allegations of “operating unregistered trading platforms” and “participating in multiple unregistered offers and sales of crypto asset securities,” Charles Hoskinson, co-founder of IOHK, provided his insight on the matter. Hoskinson commented that the complaint appears to be a component of a larger plan aiming to establish an “agenda based [central bank digital currency (CBDC)].”
Binance Lawsuit Triggers Warning From IOHK’s Charles Hoskinson
Charles Hoskinson, co-founder of IOHK (Input Output Hong Kong) and Ethereum, has weighed in on the recent lawsuit against Binance. IOHK is the development team that develops the Cardano (ADA) network, the world’s eighth-largest cryptocurrency project by market capitalization. On Monday, Hoskinson revealed that the complaint appears to be a component of a larger plan to establish increased control over the U.S. financial system.
“[The complaint is] over 130 pages, but seems like the next in a series of steps to implement chokepoint 2.0 in the United States,” Hoskinson tweeted. “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.”
Hoskinson is not alone in expressing concerns about central bank digital currencies (CBDCs) ushering in a new era of totalitarian surveillance capitalism. U.S. Congressman Tom Emmer from Minnesota, for instance, has introduced the Anti-Surveillance State Act “to halt efforts of unelected bureaucrats.” Democratic presidential candidate Robert F. Kennedy Jr. also shares the apprehension that a CBDC could result in financial enslavement and tyranny.
The IOHK executive insisted that the regulatory development highlights a fundamental disagreement questioning the very existence of cryptocurrencies and the core principles they embody. “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,” Hoskinson said.
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.
However, Hoskinson thinks that amidst the challenges, the industry has a chance to unite and establish rational regulations to avert a 1984-like dystopian future for the United States. Despite the obstacles, the IOHK co-founder remains optimistic and he insisted “everything’s alright and the future is bright for the industry.”
What are your thoughts on the potential impact of a CBDC agenda and the concerns raised by Charles Hoskinson amidst the Binance lawsuit? Share your thoughts and opinions about this subject in the comments section below.