The Cardano founder took to Twitter with dire predictions following the SECGov's lawsuit against binance
, he painted a disturbing image of a"1984"-like future, replete with government control and a select few omnipotent banks., the SEC's lawsuit alleges violations of federal securities laws by Binance and its CEO Changpeng Zhao. The world's largest exchange, according to the SEC, offered unregistered securities trading platforms and committed fraud, intentionally circumventing regulatory oversight, thus putting investor assets at risk.
Most unsettling for Hoskinson and Cardano enthusiasts is the SEC's contention that Cardano's ADA, along with a host of other popular cryptocurrencies, isIn response to the lawsuit, Hoskinson published his impassioned Twitter monologue, casting the lawsuit as a piece in a grander scheme to implement"chokepoint 2.0" in the U.S.
Hoskinson's overreaction was likely stoked by the specific mention of the ADA token in the SEC's legal action against Binance. Despite his foreboding projections, Hoskinson concluded his tirade on an optimistic note, assuring his followers,"we are going to be fine... the future is bright for the industry."
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