Former U.S. Intelligence contractor Edward Snowden on Tuesday said “Fix the money, fix the state" amid SEC allegations against cryptocurrency exchanges Binance and Coinbase.
What Happened: The lawsuits filed last week accused the two exchanges of providing unregistered securities amongst other allegations, raising concerns about the ambiguous nature of cryptocurrencies as investments used for capital investment.
Moreover, both lawsuits alleged that several tokens are securities, including Solana (SOL), Cardano (ADA), Polygon (MATIC), Coti (COTI), Algorand blockchains (ALGO), Filecoin network (FIL), Cosmos (ATOM), Sandbox platform (SAND), Axie infinity (AXS), and Decentraland (MANA), among other tokens such as BNB, Voyager Token (VGX), Chiliz (CHZ), NEAR protocol (NEAR), Flow (FLOW), Dash (DASH), NEXO (NEXO), and Internet Computer (ICP).
Fix the money, fix the state. — Edward Snowden (@Snowden) June 13, 2023
Why It Matters: Snowden, a Bitcoin (CRYPTO: BTC) enthusiast since pre-2013, in February said that the world’s leading cryptocurrency BTC could solve Lebanon’s sudden currency devaluation.
Earlier in January, he wrote on Nostr, “Most people’s experience with Bitcoin payments – if they even have it – is a 30-60 minute wait for mining + two-plus block confirmations, and a fee that made it feel dumb to send less than $20”.
The delays and fees are simply too cumbersome for the average user, posing a challenge for the cryptocurrency to gain traction amongst the uninitiated.
However, Snowden remains optimistic, saying that when ordinary people and businesses realize the advantages of cryptocurrency, particularly its ability to facilitate fast, virtually free international transfers in just two simple steps, “things will start to get very exciting.”