Thursday, September 28, 2023

In the wake of the U.S. Securities and Exchange Commission’s (SEC) legal action against Binance, which comprises 13 accusations including “operating unlicensed trading platforms” and “engaging in several unauthorized offers and sales of cryptocurrency asset securities,” Charles Hoskinson, co-founder of IOHK, gave his perspective. Hoskinson noted that this lawsuit seems to be part of a broader strategy to create a “central bank digital currency (CBDC) based agenda.”

Binance Legal Dispute Sparks Alert From IOHK’s Charles Hoskinson

Charles Hoskinson, a co-founder of IOHK (Input Output Hong Kong) and Ethereum, has shared his views on the recent legal battle involving Binance. IOHK is the team behind the Cardano (ADA) network, the eighth-largest cryptocurrency project globally by market capitalization. On Monday, Hoskinson suggested that the lawsuit is part of a bigger scheme aiming to gain increased control over the U.S. financial system.

“The lawsuit is more than 130 pages and appears to be the next step towards implementing a chokepoint 2.0 in the United States,” Hoskinson said on Twitter. “The ultimate aim is a CBDC agenda paired with a few large banks and complete control over every facet of your financial life.”

Hoskinson isn’t alone in voicing concerns about the potential for central bank digital currencies (CBDCs) to pave the way for an era of total surveillance capitalism. U.S. Representative Tom Emmer from Minnesota, for example, has proposed the Anti-Surveillance State Act “to counter the initiatives of non-elected officials.” Democratic presidential candidate Robert F. Kennedy Jr. also fears that a CBDC could lead to financial oppression and despotism.

The IOHK leader emphasized that this regulatory shift underlines a fundamental debate questioning the very existence of cryptocurrencies and the core principles they stand for. “An unchosen group of individuals have determined that ideas like self-sovereign identity, wallet ownership, and the autonomy to manage one’s economic agency should be taken away from the general public and handed to the ‘enlightened’ minority,” said Hoskinson.

Hoskinson further stated:

Honestly, what we’re seeing isn’t unprecedented. It’s simply the perennial struggle between liberty and authoritarianism, though now with new actors, technology, and terminology.

However, Hoskinson believes that despite these obstacles, the industry has an opportunity to unite and establish logical regulations to prevent a dystopian future reminiscent of 1984 for the United States. Despite the hurdles, the IOHK co-founder remains positive, insisting that “all is well and the industry has a promising future.”

What are your views on the possible implications of a CBDC agenda and the worries voiced by Charles Hoskinson in light of the Binance lawsuit? Please share your thoughts and opinions on this topic in the comments section below.

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