Hoskinson believes the SEC will crackdown on EOS with regulatory actions

11 Dec, 2018
by Joeri Cant
News
Hoskinson believes the SEC will crackdown on EOS with regulatory actions

According to crytpobriefing.com, Charles Hoskinson, the CEO of Cardano, said during the Cardano PlutusFest conference at the University of Edinburgh that he cannot imagine how EOS is not going to have some sort of issue with the SEC.

Hoskinson who leads this day of presentations and debate about Plutus, the smart contracts programming platform for IOHK’s Cardano blockchain, said that he believes the chief developer of the EOS platform will face significant backlash from regulators. Especially the US’ Securities and Exchange Commission.

'I can not imagine how Block.One is not going to have some sort of issue with the SEC', Hoskinson said.

Hoskinson said that the SEC will most likely bring punitive measures against Block.One for the way it ran the EOS ICO, pointing out that 'EOS’ tokensale falls well within the regulator’s remit to take action against any financial activity which harms US retail investors'.

'The EOS ICO had many fundamental faults, making it an obvious target', Hoskinson said.

He pointed towards the $4 billion the EOS ICO raised over the course of a year as well as its utter lack of respect for investors.

'By absolving themselves of fiduciary responsibilities, the SEC needs to take action'.

'It was egregious to the core', Hoskinson added.

Charles Hoskinson is convinced The SEC is already preparing and coming after EOS. Even though financial restrictions could mean that the SEC will have to prioritize which projects they target next, according to Hoskinson, the sheer size of the crowd sale makes EOS a clear candidate for regulatory action.

PlutusFest is one of Cardano's biggest events this year and considered to be a celebration of two years of hardwork by the Cardano team.

The conference, which is held at the University of Edinburgh, features various speakers including IOHK CEO Charles Hoskinson himself, speaking about IOHK's visionary research & development.

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