Cardano’s Charles Hoskinson Sounds Alarm on SEC’s Chokepoint 2.0, Predicts CBDC Power Play with Major Banks for Total Control

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• • IOHK founder, Charles Hoskinson, perceives the SEC lawsuit against Binance as a move towards centralized control of the financial world, jeopardizing the freedom of individual economic agency.
  • Hoskinson urges the cryptocurrency industry to unite for the establishment of sensible regulations that preserve the future of decentralized finance.

Charles Hoskinson, the founder of IOHK and a pivotal figure in the crypto space, recently shared his thoughts on the Securities and Exchange Commission (SEC)’s lawsuit against Binance. Delving into the 130-page complaint, he sees this as more than a mere regulatory event. Instead, it appears as a strategic move to implement what he refers to as “chokepoint 2.0” in the United States, as an attempt to centralize and control every aspect of our financial life.

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 a agenda based CBDC partnered with a handful of massive banks and end-to-end control…

— Charles Hoskinson (@IOHK_Charles) June 5, 2023

In his view, the objective seems to be the creation of a centrally controlled digital currency (CBDC), managed in partnership with major banking institutions. The lawsuit is less about compliance with existing law and more about a fundamental disagreement over the very existence and philosophy of cryptocurrencies.

The essence of cryptocurrencies – self-sovereign identity, ownership of personal wallets, and the freedom to control individual economic agency – is being challenged by a group of unelected individuals. The aim, according to Hoskinson, is to limit these freedoms to a select few, painting a picture of an increasingly authoritarian future for finance.

Hoskinson reminds us that this conflict is not novel. It is a familiar narrative, a recurring battle between freedom and authoritarianism. However, this time, the players and technology have evolved. He sees this current situation as an opportunity for the fragmented crypto industry to unite and rally for a common set of regulations that would prevent the US from descending into a dystopian future where individual financial freedom is curtailed.

Despite the alarming scenario that the lawsuit paints, Hoskinson remains optimistic. He assures the community that all will be well and the industry’s future remains bright. While the conflict between decentralized finance and centralized authority continues, he believes in the strength and resilience of the crypto industry. Hoskinson’s reflections serve as a reminder of the need for unity and concerted action within the sector to secure its promising future.

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