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Charles Honkinson claims Bitcoin is not decentralized and highlights injustice in SEC crypto policy

Fast Take
  • Charles Hoskinson criticized the SEC and commented on the 'decentralization of Bitcoin'
  • Hoskinson criticized the SEC's approach to cryptocurrency regulation
  • The founder of ADA highlighted the difference made by the regulator between cryptos such as ETH, BTC and ADA
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The founder of Cardano (ADA), Charles Hoskinson, recently criticized the US Securities and Exchange Commission (SEC) and commented on the 'decentralization of Bitcoin'.

Hoskinson was highly critical of his comments regarding the SEC's approach to regulating cryptocurrencies. The founder of ADA expressed his feelings of confusion and frustration related to the regulator's stance making a difference between cryptocurrencies such as Ethereum (ETH), Bitcoin (BTC) and Cardano (ADA).

“Then they [the SEC] come in and say it’s a security. What the hell does that mean? If it is decentralized. How was Bitcoin registered? It is not. So explain to me the difference between Ethereum, Bitcoin and Cardano and the rest of the gang. Explain this to me. Like I'm five years old. Right now. Take the damn Howey test and show me the difference between the two. Tell me,” he stated.

 

In his arguments, Hoskinson highlighted a challenge to the decentralization narrative of the largest cryptocurrency on the market, claiming that BTC may not be as decentralized as believed.

“If you subpoena three different entities [the largest mining pools], you could carry out a 51% attack on Bitcoin because that's how hashing power works. But it is decentralized. And the orange team gets a complete [free] pass. It’s a pathetic joke.”

At the time of publication, the Bitcoin price it was quoted at US$37.192,94, up 0.4% in the last 24 hours.

It is worth remembering that, recently, in the recent dispute for technological dominance in the world of cryptocurrencies, Charles Hoskinson expressed sarcasm regarding redesign plans of the Ethereum (ETH) staking structure. This criticism marks another chapter in the fierce rivalry between Cardano and Ethereum, two giants on the scene blockchain.

Disclaimer: The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing or trading cryptocurrencies carries a risk of financial loss.
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