Cardano Founder Calls Out the SEC For Giving Bitcoin "Free Pass"

Cardano founder Charles Hoskinson is furious that the SEC has labelled Cardano (ADA) as an unregistered security.
Hoskinson believes that Bitcoin meets some of the SEC’s definition of a security and that the SEC is being hypocritical.
Social media reactions have been mixed, with some people finding Hoskinson’s outcry amusing while others have defended Bitcoin.

Charles Hoskinson, founder of Cardano and ex-developer of Ethereum isn’t exactly known for his mild manners. But the combative software engineer’s rage may eclipse any of his past feuds this time as he attacks the Securities and Exchange Commission (SEC) for giving Bitcoin a “free pass”. The outburst comes as the SEC officially labels Cardano (ADA) as an unregistered security as part of its investigation into Binance.

Hoskinson Lashes Out at Bitcoin

Hoskinson unleashed his anger on Bitcoin and its investors due to its immunity from the SEC’s ongoing investigations of various crypto projects. Throughout his tirade, he implored followers to tell him the difference between Cardano (ADA) and Bitcoin and implied BTC breached the SEC’s definition of being an unregistered security, too.

Is there an expectation of return with the goddamn orange-pill moon boys? It’s there! You could perform a 51% attack on Bitcoin…but it’s decentralised apparently and Team Orange gets a free pass. It’s a pathetic f***** joke.

Charles Hoskinson

Crypto Twitter is renowned for its hostility and toxicity… and the response to Hoskinson’s video is no different. Several have posted their mirth at the Cardano founder’s plight, given that he – only about 12 months ago – laughed when Ripple and XRP underwent the same SEC investigation.

When it was $XRP, he thought the $XRP community was crazy and overreacting. Now that $ADA is under attack he suddenly cares. 🙄
He’s right in his outrage. But it’s extremely selective and highly hypocritical.
The beautiful thing is Ripple and $XRP are now finally on the other…
— Michelle Nightengale 🇺🇸 (@BoostBizOnline) November 28, 2023

Others have highlighted why Bitcoin is actually quite a different project in comparison to Cardano.

@IOHK_Charles it’s very simple: Bitcoin did not do an ICO, most people thought it had no value, it was mined from zero, it is decentralised, there is no CEO, ICO warchested “foundation”, incorporation etc. so cardano, eth etc clearly pas howey, Bitcoin is a commodity and does not
— Adam Back (@adam3us) November 27, 2023