The founder of a top 10 cryptocurrency, Charles Hoskinson just went off and dropped f-bombs on the Securities and Exchange Commission (SEC) Chair Gary Gensler and Bitcoin getting a free pass with US regulators while Cardano (ADA) and crypto continues to suffer.
The context here is the exact problem crypto is facing with the SEC right now and Charles Hoskinson lays out the problems all cryptocurrency has as he discusses the quality, legitimate crypto assets in the space and the SEC coming in and claiming their securities, but not Bitcoin.
Hoskinson Tries To Prove A Point
Someone in his livestream asked him about the SEC and Hoskinson lost his cool. He goes off with Bitcoin as he was trying to prove a point saying the SEC does not know what they are talking about. But unfortunately, he used Bitcoin as an example and picked on all the Bitcoin maximalists, calling them “orange pill moon boys.”
A commenter on X stated the reason why Bitcoin is different from Cardano was that Bitcoin did not do an initial coin offering (ICO). But Hoskinson defended his stance and replied that it was not an ICO but an airdrop onto the distribution to thousands of people in Japan to be used for future projects.
Pro Crypto Lawyer Chimes In
Here is what Attorney John Deaton had to say about Charles’s rant here. He said, “Only Maxis will take issue with Charles’s outrage. I don’t see how anyone could not objectively understand the frustration. U.S. Securities laws need to be coherent and consistently applied across all ecosystems.”
Final Parts Of The Video
In the final parts of the video, basically he was saying that just like the US with their handling of the Vietnam War, the 2001 invasion of Afghanistan and even COVID, all of these problems will blow over in America just like those did, and all the harm that is being done to crypto today will just be forgotten eventually, and Charles Hoskinson will never get an apology, and he is tired of it.
The crypto community understands Hoskinson’s frustration. The SEC is now targeting Cardano, and Hoskinson is starting to feel what Ripple and the XRP holders were feeling — they were alone for many years and a lot of people turned their backs on the XRP community and Ripple. And because of Ripple, a lot of these companies are now going to be able to fight back, including Coinbase and Cardano. So Charles is absolutely right here — there is a lot of hypocrisy and lack of allegiance to the law by the regulatory agency.
Hopefully Hoskinson can team up with different token projects in the crypto industry and fight back just like what we saw at Coinbase — their general counsels and legal counsels started meeting with Ripple to share notes and talk about how they can fight back. We also saw with Kraken recently as they are going to fight back against the SEC as well.