Charles Hoskinson, the creator of Cardano (ADA), believes that the recent legal action taken by the U.S. Securities and Exchange Commission (SEC) against Binance is part of a larger effort to suppress the digital assets industry.

The SEC has filed 13 charges against Binance and its founder, Changpeng Zhao, for various securities law violations, including operating illegal exchanges and selling unregistered securities. Hoskinson claims that the SEC's ultimate goal is to pave the way for a central bank digital currency (CBDC) and gain complete control over individuals' financial lives.

Despite this, Hoskinson remains optimistic that the industry can come together to prevent the United States from slipping into a dystopian future.