- 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.
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.
Read Alsodisclaimer read more
Crypto News Land (cryptonewsland.com) , also abbreviated as “CNL”, is an independent media entity — we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.