Charles Hoskinson, founder of Cardano (ADA), has expressed himself sharply about the role of the American Securities and Exchange Commission (SEC) in the crypto industry. According to him, the supervisor has performed for years with a hard and destructive approach, which the sector has cost billions in legal and financial damage.
Now that the crypto policy under President Donald Trump seems to be changing, Hoskinson looks back on this turbulent period and is lashing out at the SEC.
SEC’s aggressive approach under fire
Hoskinson expressed a fierce criticism of the SEC because of her hard performance against both large and small crypto companies. According to him, the supervisor has wrongly labeled the sector as a criminal, while she herself does not account for the damage it has caused. Especially civil servants who build their career at the expense of the crypto industry must suffer in his criticism.
“The SEC attacks our sector, turns us away as criminals and suggests relentless companies – from the largest companies to the smallest projects. This has cost the sector hundreds of millions of dollars in legal costs and destroyed hundreds of billions in market value. And now they complain if the sector resists?”
Criticism of former SEC chairman Gary Gensler
Hoskinson focused his criticism primarily on former SEC chairman Gary Gender, who was under fire because of his strict enforcement policy. According to him, former SEC employees are now presented with the bill for their hard action, since some law firms refuse to accept them because of their role in crypto-related lawsuits. Hoskinson finds this completely justified and states that these officials acted without any moral awareness.
With Trump at the helm, the crypto sector seems to get a breathing break after years of regulatory pressure. Nevertheless, Hoskinson warns that the industry will not forget the consequences of the SEC policy.
“As an industry, we will never forget or forgive because we know what would have happened if the other side had won. They would have danced on the bankruptgies of all our projects and have used their successes to get promotions and higher positions.”
A new course for the sec?
With the changing political and regulatory attitude in the US, the influence of the SEC seems to take on the crypto industry. However, the question is whether this shift will be sufficient to breathe new life into the American cryptomarket and to stimulate innovation within the country. One thing is certain: the confrontation between the crypto sector and the SEC is far from over.
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Source: https://newsbit.nl/cardano-oprichter-sec-zou-hebben-gedanst-op-de-graven-van-crypto-projecten/
