- Hoskinson argued the SEC unfairly labels some cryptocurrencies as securities while giving Bitcoin a free pass, despite issues with Bitcoin’s centralization.
- Hoskinson accused the SEC of wasting millions battling the crypto industry and predicting they will lose case after case without accountability.
- Hoskinson urged for fair standards in evaluating whether cryptocurrencies are securities, saying all should face the same scrutiny as Bitcoin.
Hoskinson Argues Bitcoin is Not Truly Decentralized
In a livestream, Hoskinson argued that Bitcoin is not as decentralized as people claim. He pointed out that just three entities control enough hash power for a 51% attack on the network. Yet Bitcoin gets a “complete pass” from regulators as a non-security.
Other Cryptos Face Intense Scrutiny
Meanwhile, the SEC has repeatedly labeled Ethereum, Cardano, and other cryptocurrencies as securities. The SEC has sued exchanges like Binance and Coinbase for offering certain altcoins. Input Output Global disputes these claims, insisting Cardano is clearly not a security.
Hoskinson Sees No Accountability from the SEC
Hoskinson accused the SEC of wasting millions in a fruitless battle against the crypto industry. He predicts the SEC will lose case after case. But there will be no apology or accountability from regulators.
The SEC Stifles Crypto Innovation, Says Hoskinson
The Cardano founder argued tight regulation stifles innovation. Cryptocurrencies exist to establish a new social contract, since the current one is broken. The only improvements come from lawmakers limiting government overreach.
Hoskinson Urges Fair Standards for All Cryptos
In summary, Hoskinson called for fair standards in evaluating whether cryptocurrencies are securities. All should face the same scrutiny as Bitcoin. Singling out certain coins while ignoring potential issues with Bitcoin’s centralization represents an unjust double standard.