Chokepoint 2.0: Cardano Chief Asks Crypto Industry Players to Unite After SEC’s Lawsuit on Binance

The SEC lawsuit filed on Monday against crypto exchange Binance has sent shockwaves across the crypto space. Bitcoin and the broader crypto market are down by 4% over the last 24 hours.

Top leaders from the crypto space have come in support of Binance chief CZ and his team. Cardano chief Charles Hoskinson made a long tweet calling the SEC action “a series of steps to implement chokepoint 2.0 in the United States”.

He said that the SEC has an “agenda” of pushing the CBDC in the market by partnering with top banks and maintaining end-to-end control over the broader financial space.

Hoskinson added that the recent SEC action seems more like enforcement by force, instead of enforcement through dialogue and debate. He also referred to the SEC’s action as a fight between “freedom and authoritarianism” just that there are different players and technology in place.

The Cardano chief called this event a political and philosophical dispute concerning the fundamental nature of cryptocurrencies and their underlying principles. He added that now only a group of individuals, not elected, are making decisions to eliminate concepts such as self-sovereign identity, wallet ownership, and the ability to exercise economic freedom.

As a result, Hoskinson called for the crypto industry players to unite and collectively fight against the regulatory action instead of undertaking a fragmented approach. He said:

It does seem like this event is a perfect opportunity for the entire industry to set aside it’s fragmented nature and unite for a common sense set of rules and guidelines that can prevent the United States from slipping into a distopia that would make 1984 look like a vacation.

Crypto Leaders Extend Support to Binance

Apart from Hoskinson, other crypto leaders have also extended support to Binance. Writing to CZ, Tron founder Justin Sun said that he has the full support and that he believes in his “integrity”.

Sun also praised CZ for his efforts in advancing the crypto industry adding “your abilities and ethics are beyond reproach”. “Please remember that you are never alone, no matter the circumstances or challenges you face. As your friends, we will always be by your side, offering our unwavering support and encouragement. We believe that justice will be served, and we will face this challenge together,” he added.

Crypto exchanges Coinbase and Kraken have yet to comment on this and have been facing the same regulatory heat from the SEC.