Courtesy of Charles Hoskinson’s Twitter
- Cardano’s Charles Hoskinson thinks SEC’s attack on Binance seems to be Chokepoint 2.0.
- Hoskinson also likened this to friction between freedom and authoritarianism.
It is reported that the US Securities and Exchange Commission has filed 13 charges against Binance months after the U.S. Commodity Futures Trading Commission (CFTC) also filed a lawsuit against the exchange. While a handful of the crypto community think that the action is genuine, others including Cardano’s Charles Hoskinson believe that this is a coordinated and intentional move as part of the effort to rise against the crypto industry.
According to him, he keenly followed and read the complaints against Binance. From his observation, it seems it is another implementation of Chokepoint 2.0 in the US. Operation Chokepoint 2.0 was earlier used by Coin Metrics co-founder Nic Carter to explain the effort by US lawmakers and regulators to stifle the growth of crypto.
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 over every aspect of your financial life.
According to Hoskinson, the current happenings between SEC and crypto firms are not new, pointing to the fights that usually come up between freedom and authoritarianism. The only difference is that this has different players, technology, and words. With this, he advises that it should be a perfect opportunity for the industry to unite and come up with a common-sense set of rules and guidelines. Hoskinson thinks that this would prevent the US ” from slipping into a distopia that would make 1984 look like a vacation.”
Binance Approach is also referred to as Tai Chi
Hoskinson wrote:
A regulatory event is where you have a debate about compliance with a law or guidance. This event seems to be a political philosophical disagreement with the very existence of cryptocurrencies and what they represent. An unelected group of people has 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.
The Binance approach is also termed as “Tai Chi”. It can be recalled that Forbes referred to this in a 2020 report, alleging that Binance has evaded regulators in the US while citing a document calling it the “Tai Chi entity.”
A section of the crypto community finds the lawsuit against Binance unusual. A user identified on Twitter as Eleanor Terrette commented:
I’ve never seen the SEC attempt to try a case in the court of public opinion. Usually, they wait until after a case is settled to brag. – A former SEC official who wished to remain anonymous. Do you think the @SECGov is sensationalizing the case before it goes to court?
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SEC’s law enforcement actions against the crypto industry have been condemned by many. It is suspected that these are political and coordinated. The Commission’s lawsuit against Ripple Labs is also awaiting its final ruling as the entire crypto community hopes for a better outcome.
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