Cardano founder Charles Hoskinson has voiced strong criticism against the Securities and Exchange Commission, stating that the agency unjustly targeted the cryptocurrency industry.
Overview of SEC Actions
In a recent post on X, Hoskinson said the SEC's regulatory clampdown resulted in significant financial harm and legal complications for crypto companies. He emphasized that unelected federal officials have made decisions without accountability, causing long-term damage to the sector.
Criticism from Industry Leaders
Besides Hoskinson, several high-profile crypto figures have also spoken out. Coinbase CEO Brian Armstrong and Ripple's chief legal officer Stuart Alderoty are urging companies to reconsider ties with law firms employing former SEC staff. Meanwhile, Gemini’s founders, Cameron and Tyler Winklevoss, have demanded the removal of SEC investigators handling their ongoing dispute.
Rising Political Activity in the Crypto Sphere
The increasing political activity by crypto companies shows a shift in strategy. Besides lobbying and campaign support, the industry is using public criticism to call for regulatory reform. This trend reflects a wider effort to reshape oversight mechanisms and promote clearer rules for digital assets.
Criticism of the SEC by crypto industry leaders and the rise of political activism within the sector indicate a desire to establish a fairer and more transparent regulatory environment.
