Cardano Price is Going to Zero After the SEC Says ADA is a Security While Eco-Friendly Crypto Ecoterra Blasts to New Highs – 100x Potential in 2023?
The crypto market experienced a shockwave as the US Securities and Exchange Commission (SEC) recently filed a lawsuit against Binance, the world's largest cryptocurrency exchange, naming Cardano (ADA) as an unregistered security - shifting the Cardano price prediction over night.
In the lawsuit, which drove a steep decline in ADA price, the SEC named several cryptocurrencies, including Cardano, Solana, and Polygon as unregistered securities, an unprecedented move that has cast a shadow over the crypto market's future.
With the SEC now categorizing over $115 billion worth of coins as unregistered securities, ADA has suffered a sharp decline in value.
Charles Hoskinson, Cardano's founder, has been vocal about the consequences of this regulatory move.
He stated that this event is part of a broader effort to implement "Operation Choke Point 2.0," a campaign to drive crypto businesses out of the financial system.
According to Hoskinson, this operation aims to centralize control over financial life, in stark contrast to the inherent decentralization ethos of cryptocurrencies.
Hoskinson contends that this event is more than just a regulatory compliance issue; it's a political philosophical disagreement with the very existence of cryptocurrencies and their implications for financial freedom and self-sovereign identity.
He urged the crypto industry to unite against this attack, which he believes could push the US into a dystopian future where financial control is consolidated in the hands of a few.
Despite the uncertainty, Hoskinson remains optimistic about Cardano's future and the crypto industry at large.
In his words, "we are going to be fine. Everything's alright, and the future is bright for the industry."
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