Cardano, the creator of the blockchain, criticized the chairman of the U.S. Securities and Exchange Commission for demanding that crypto service providers follow the regulator’s rules.
The head of the SEC, Gary Gensler, recently commented on the beginning of the investigation into the Kraken exchange, saying that the regulator he heads is actually neutral on cryptocurrencies and the goal is to protect the rights of investors.
Cardano’s Charles Hoskinson stated that the official’s thesis is false because there is no real way to comply with the full scope of SEC requirements for players in the market.
“You can spend many years and millions of dollars on all sorts of bureaucratic procedures and never get any intelligible answers, or you can’t find an effective way to do business at all,”
the Cardano founder opined
The head of the Kraken exchange also reacted sarcastically to Gensler’s statement. It turns out, Jesse Powell was surprised, that a fine of tens of millions of dollars and the shutdown of an entire line of his business could have been avoided by simply filling out a form on the SEC website and warning users that steaking rewards are earned by steaking yourself.
Previously, Charles Hoskinson opened a medical center with the ability to pay for services with ADA coins.
