The news of Changpeng “CZ” Zhao’s resignation as CEO of Binance has resonated throughout the cryptocurrency world, marking what Cardano founder Charles Hoskinson has described as “the end of an era.”
Hoskinson, in a recent video posted on November 22 through his X account, reflected on this event, highlighting the evolution of entrepreneurs in the cryptocurrency space and raising crucial questions about regulations and decentralization.
The End of an Era https://t.co/d3AcHWu66C
— Charles Hoskinson (@IOHK_Charles) November 22, 2023
Hoskinson distinguished two waves of innovation in the cryptographic sphere.
The first, characterized by Bitcoin traders who used rudimentary methods such as spreadsheets and PayPal for transactions.
The second wave arrived with CZ and Binance in 2017, becoming a colossus in the industry, funneling trillions of dollars in assets through their exchange.
Hoskinson Praised CZ’s Achievements, Considering Him One of The Greatest Entrepreneurs of the Era
The admiration for the development and creation of CZ with his firm Binance over the last few years is undeniable. In the video, Charles mentions these points, praising how far his company has come to this day and how it has contributed positively. to develop and convert the crypto ecosystem.
However, Charles warned about the paradigm shift: Entrepreneurs can no longer simply rely on centralized systems without complying with regulations.
Hoskinson pointed out the impact of US financial regulations, highlighting their use as a tool of financial power and the impossibility of allowing markets where “enemies of America” operate freely.
According to his perspective, the world is adopting a multipolar approach, leading many countries to question and reject the US-led system, leaving cryptocurrencies in an ambiguous position.
To meet this regulatory challenge, Hoskinson proposes solutions that balance freedom and regulatory concerns.
He mentions Midnight, a network aimed at facilitating transactions based on algorithmic laws, as a possible answer to this dilemma.
CZ’s plea agreement with the US Department of Justice on charges related to violation of the Bank Secrecy Act marks a crucial point in this narrative.
Despite this, Hoskinson, in a gesture of empathy, refers to CZ as “a friend” and “a good man”, acknowledging his legacy despite the legal circumstances.