The lawsuit filed by the Securities and Exchange Commission (SEC) against the Binance crypto exchange has created shocks in the crypto world. In the last 24 hours, the price of Bitcoin and the overall crypto market has decreased by 4 percent.
The main figures in the crypto industry provide support to Binance CEO Changpeng Zhao (CZ) and his team. Charles Hoskinson, founder of Cardano, issued a series of tweets condemning the SEC's actions. He called it "a series of steps to implement a polepoint 2.0 in the United States."
Hoskinson argues that the SEC has "agenta" to encourage the development of the Central Bank Digital Currency (CBDC) by partnering with leading banks, while maintaining control over the overall financial space.
He also confirmed that the SEC's recent actions looked more like forced law enforcement than through dialogue and debate. According to him, this is a battle between "freedom and authoritarianism" and different roles and technologies.
Hoskinson called this event a political and philosophical dispute over the basic nature of cryptocurrencies and the principles that underlie this industry. He invited all crypto industry players to unite and fight regulatory action in a coordinated manner, rather than become divided.
The Cardano founder hopes that the industry can develop a set of reasonable rules and guidelines to prevent countries like the United States from slipping into dystopia that threatens economic freedom. Apart from Hoskinson, other key figures in the crypto industry also provide support to Binance.
Tron founder Justin Sun wrote to CZ that he provides full support and believes in his integrity. Sun also praised CZ's efforts to advance the crypto industry and insisted that they would never be alone in facing these challenges.
Meanwhile, crypto exchange Coinbase and Kraken, which have also faced the same problem from the SEC, have not commented on this event. The struggle between regulators and crypto industry players continues.
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