Today, the global cryptocurrency market experienced an extraordinary shock. The market witnessed a huge sale. Cumulative crypto market cap wiped out more than $53 billion in just 1 hour. The SEC’s legal action against Binance played an important role in this big sale. Following this lawsuit, the SEC Chairman targeted Binance, while Cardano and Tron co-founder supported Binance CEO Changpeng Zhao.
Support Binance and CZ from the inventor of Cardano!
As you follow on Kriptokoin.com, the crypto market is blood bathing today. Undoubtedly, the lawsuit filed by the US Securities and Exchange Commission (SEC) against Binance was effective. Along with this, messages of support are coming to Binance and its CEO Changpeng Zhao, one of the leaders of the market. In this direction, Charles Hoskinson, the founder of Cardano (ADA), is among those who support Binance. In this context, Hoskinson issued a statement criticizing the SEC on his Twitter account:
I am reading the SEC complaint regarding Binance. More than 130 pages. But it looks like the next step in a series of steps to implement chokepoint 2.0 in the US. The ultimate goal is a partnership-based CBDC with a handful of major banks and total control over every aspect of your financial life.
With respect to Binance, I'm reading through the SEC complaint. It's over 130 pages, but seems like the next in a series of steps to implement chokepoint 2.0 in the United States. The end goal is a agenda based CBDC partnered with a handful of massive banks and end-to-end control…
— Charles Hoskinson (@IOHK_Charles) June 5, 2023
Hoskinson says there is a regulatory event, a debate about compliance with a law or a guideline. He sees this event as a political philosophical disagreement about the existence of cryptocurrencies and what they represent. Therefore, he criticizes:
An unelected group of people decided that concepts such as self-sovereign identity, the freedom to own your wallet and control your economic agency should be removed from the masses and given to the “enlightened” few.
Changpeng Zhao responded to the Cardano inventor’s statement with a quote. CZ highlighted the part of Charles Hoskinson calling for unity in the industry.
🙏 "a perfect opportunity for the entire industry to set aside it's fragmented nature and unite for a common sense set of rules and guidelines"
— CZ 🔶 BNB (@cz_binance) June 5, 2023
Justin Sun also expressed his support to CZ, whom he praised!
TRON founder Justin Sun also posted a message of support for Binance and its CEO, CZ. In this context, Sun said, “I wanted to take a moment to express my unwavering support for you. As one of my friends, I trust you and I believe in your honesty. We are here for you!” he shared a lengthy statement. In this direction, the statements continued as follows:
I am fully aware of your commitment to advancing the crypto industry. Also, I think your abilities and ethics are beyond any accusation. You have strong leadership and decision-making skills. Therefore, I have full faith in your capacity to meet this challenge. Wherever and no matter what, I will stand by your side and support you.
I wanted to take a moment to express my unwavering support for you. As one of my friends, I trust you and believe in your integrity. We are here for you!
I am fully aware of your dedication to advancing the cryptocurrency industry, and your abilities and ethics are beyond… https://t.co/kCRJHpULPU
— H.E. Justin Sun 孙宇晨 (@justinsuntron) June 5, 2023
SEC chairman Gensler targets Binance and its CEO
On the other hand, SEC chairman Gary Gensler made a statement on the SEC’s official website. The statement cites the SEC’s 13 charges, and an extensive deception and conflict of interest between Binance and CZ. It also claims that Binance is not transparent and deliberately evades the law. In this direction, Gensler brings heavy accusations in his statements:
Changpeng Zhao and Binance gave misleading information to investors regarding risk controls. In addition, he played with the trading volumes of the exchange. They also concealed who runs the platform, how the affiliate market maker trades manipulatively, even where and with whom investor funds and cryptocurrencies are held. They proclaimed false rules. However, in reality they never complied with these. They tried to circumvent US securities laws. And they did this to keep wealthy US customers on their platform. That’s why people need to avoid investing their hard-earned money on these illegal platforms.
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