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.
The creator of Cardano, Charles Hoskinson, claims # Bitcoin is not decentralized and says it's not fair that the SEC is going after crypto more broadly but not Bitcoin.
Bitcoin is anti fragile technology 🔥 pic.twitter.com/B9wuuvJIpd
— The ₿itcoin Therapist (@TheBTCTherapist) November 27, 2023
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.
