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Cardano Founder Calls for Crypto Industry Unity Against SEC Authoritarianism

cardano founder calls for crypto industry unity against sec authoritarianism 2

Charles Hoskinson who is the founder of Cardano has issued a cry for rallying to the crypto industry and urged unison against the authoritarian practices of the US Securities and Exchange Commission (SEC) . In a tweet Hoskinson articulated his concerns that regard the SEC’s lawsuit against Binance which is the largest crypto exchange . After poring over the 130 pages long complaint he characterized it as a massive program to stifle the crypto industry and expelled it from the US financial system .

Fear of Totalitarian Control Over Finances Spurs Concerns

cardano founder calls for crypto industry unity against sec authoritarianism

Hoskinson went on to suggest that the SEC’s ultimate agenda is the establishment of a digital dollar . He believes that this would grant the US Federal Reserve System (Fed) and major banks absolute control over citizens’ finances . He argued that the SEC’s actions appear to stem from a political and philosophical disagreement with the very existence of cryptocurrencies . According to Hoskinson a group of individuals has arbitrarily decided to deny people their financial sovereignty, the ownership of their wallets and the ability to independently control their finances . Instead these privileges would be reserved for a selected few .

Hoskinson drew a chilling comparison and warned that the consequences of the SEC’s actions could lead to a dystopian future which could even surpass the totalitarian society depicted in George Orwell’s novel 1984 . In 1984 one party exercises complete control and constantly surveils citizens and manipulates information to maintain its power .

Uniting to Prevent a Dystopian Future

In order to combat the SEC’s lawsuits against crypto exchanges Hoskinson stressed the need for the industry to unite and establish sound guidelines that prevent the US from descending into such a dystopia . He believes that by joining forces the crypto industry can push back against the SEC’s overreach and protect the future of decentralized finance .

As the battle between the crypto industry and regulatory bodies intensifies Hoskinson’s call for unity serves as a reminder that collective action and cooperation are crucial in safeguarding the principles of financial sovereignty and decentralization . By standing together the industry can try to preserve an open and inclusive financial system that empowers individuals rather than exposing them to increasing control and surveillance .

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