Charles Hoskinson Blasts SEC for Biased Treatment Towards Bitcoin

  • Cardano CEO criticizes SEC’s biased treatment of Bitcoin and altcoins.
  • Blockstream CEO argues Bitcoin’s distinct features justify its commodity status.
  • Hoskinson defends Cardano’s ADA acquisition, refuting ICO claims.

Charles Hoskinson, the CEO of Cardano, took to TwitterX in a fiery video, condemning the U.S. Securities and Exchange Commission (SEC) for its disparate treatment of Bitcoin and other cryptos.

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Hoskinson demanded transparency from the SEC, urging them to elucidate the distinction between Bitcoin and the altcoins facing regulatory scrutiny, particularly highlighting the apparent contradiction of Bitcoin’s acceptance despite vulnerability to a 51% attack, which he called a “pathetic joke”.

In his video, Hoskinson emphasized the need for accountability, criticizing the U.S. government for allowing such inconsistencies and injustices. He asserted that cryptos offer a solution through a social contract, emphasizing the importance of holding entities accountable for their actions.

Responding to Hoskinson’s critique, the CEO of Blockstream countered that Bitcoin’s unique characteristics, such as no ICO, decentralized nature, and absence of a CEO, distinguish it from other tokens. He argued that Bitcoin is fundamentally a commodity.

Hoskinson fired back, refuting claims of a Cardano ICO. He clarified that Cardano underwent an airdrop, followed by decentralized trading and usage for various projects. He emphasized that a voucher sale, settled in Bitcoin and explained in Japanese, outside U.S. jurisdiction, doesn’t constitute an ICO.

In response to queries about ADA procurement, Hoskinson clarified that he and IOHK received ADA as compensation for years spent building the Cardano platform. The exchange highlighted the intricate details of a voucher sale that did not involve any U.S. participants.

As the crypto industry grapples with regulatory challenges, figures like Hoskinson continue to advocate for fair treatment and transparency in the regulatory landscape.

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