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ADA’s Charles Hoskinson Claims that EOS (EOS) Would be the First to Be Bound by the SEC

ADA’s Charles Hoskinson Claims that EOS (EOS) Would be the First to Be Bound by the SEC

Charles Hoskinson, the founder of Cardano (ADA) and the co-founder of Ethereum, also the head of one of the teams working on ADA and Cardano updates, IOHK, stated that EOS would be the first cryptocurrency to be bound by the SEC.

The Securities and Exchange Commission is working on regulating the cryptocurrencies and the blockchain space, also working on exposing scam coins and blockchain based projects that can jeopardize the safety of consumers, so it is in the interest of the SEC to sanction and bind by regulatory actions all cryptocurrencies in the market.

In accordance with Charles Hoskinson of ADA, the founder of one of the top blockchain projects in the market believes that EOS (EOS) would be the first cryptocurrency to be bound by the SEC.

The reason behind Hoskinson’s opinion is said to be the “outrages” and the longest ICO crowdsale that took a year, that way making the biggest ICO in the blockchain space.

Hoskinson claims this case could become a threat in terms of strict regulations that might be waiting for EOS as the biggest ICO.

Hoskinson Claims EOS (EOS) ICO Crowdsale to be Outrageous

The CEO of IOHK and founder of Cardano (ADA) believes that the founder and CEO of EOS (EOS) could be facing major setbacks in form of regulatory sanctions.

Hoskinson explains his attitude towards EOS by referring to the crypto as the biggest ICO, which, as claimed by Hoskinson, can turn around against EOS.

Back when EOS started its first crowdsale in for of Initial Coin Offering, no one suspected that the cryptocurrency will get to become the biggest ICO in the market.

During the course of a year, which is the longest time for ICO by far in the crypto market, EOS managed to collect over 4 billion dollars, which is considered to be a major score for ICO fundraising.

However, Hoskinson implies that this case could be a regulatory demise for EOS, describing the ICO as outrageous.

For establishing a simple comparison, Cardano (ADA), for instance, collected 63 million dollars before the ICO closed.

Charles Hoskinson further claims that ADA shouldn’t have any issues with their ICO since the entire process was conducted under local financial regulations, stating that SEC might rather be interested in investigating EOS (EOS) ICO.

EOS (EOS) and the 4 Billion Dollars Worth Chaos

Hoskinson claims that the ICO conducted by Block.one, the platform behind EOS, and EOS cryptocurrency will probably be viewed by the SEC as harmful to US retail investors.

While Hoskinson is convinced that ADA won’t have any regulatory issues with the SEC, the first man of Cardano further states that EOS might be the target of interest within the jurisdiction of the Securities and Exchange Commission.

EOS managed to collect millions already at the opening of the ICO sale, while the crypto collected over 4 billion dollars by the end of the year.

Soon afterward, EOS started to showcase different issues regarding the network, where Block.one was compromised by hackers who managed to steal addresses of EOS holders and users, sending them phishing emails.

EOS was also experiencing issues with the mainnet release, appearing as if the team was in rush, but unprepared, constantly delaying the mainnet launch for days.

In the meanwhile, Hoskinson believes that the SEC is already preparing for regulatory actions, where the CEO of ADA claims that the regulatory officers will have to prioritize the projects they need to examine first.

Charles Hoskinson claims that EOS (EOS) will most probably be in the first lines before the SEC regulations.

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