The founder of Cardano responds to a letter accusing US regulators of waging a crypto war
Cardano (ADA) founder Charles Hoskinson commented on a law firm’s letter to the United States Congress in which it calls out the regulators.
Hoskinson’s remarks come amid a widespread regulatory offensive against the cryptocurrency industry, culminating in a lawsuit against Binance, the world’s largest cryptocurrency exchange.
The letter refers to Operation Choke Point, in which regulators “carried out a coordinated campaign to weaponize the banks against industries that had fallen out of favour with the administration, including gun stores, pawn shops, tobacco stores, payday lenders, and a host of other brick and mortar businesses,” as the letter puts it.
The letter states that “Operation Choke Point 2.0” is “a coordinated campaign by prudential bank regulators to drive crypto businesses out of the financial system” or “war on crypto.”
The law firm concludes by urging Congress to “execute its oversight function and hold these agencies accountable” and proposing “a series of questions that need to be answered and a series of steps that Congress should take to obtain these answers.”
In conclusion, the Cardano founder urged his audience to forward the letter to their representatives and senators, stating that it was “just a great letter to read and a great letter to send, written in a language they would certainly understand, and this law firm really excelled in it.”
Finbold reported on March 23 that Hoskinson had previously referred to the new White House Economic Report that criticized digital assets as too speculative and dangerous and offering no fundamental value as “bullshit,” “a pathetic joke,” and “garbage.”