Cardano (ADA) Founder Charles Hoskinson Speaks Out: “The Clarity Act Will Be a Disaster for Cryptocurrencies”

Cardano founder Charles Hoskinson, a prominent figure in the cryptocurrency sector, was a guest on David Gokhshtein’s show “The Breakdown”.

The program consisted of an extensive conversation focusing on crypto regulations and US politics.

Hoskinson harshly criticized the Clarity Act, currently under debate in the US. He argued that the bill classifies crypto assets as securities by default, hindering innovation in the sector. “The bill legalizes Gary Gensler’s approach,” Hoskinson stated, adding that even assets like Bitcoin, Ethereum, Cardano, and XRP would fail this test.

He argued that the bill gives the SEC excessive power and that the CFTC is underfunded. According to Hoskinson, the bill leaves DeFi developers unprotected and drives new projects overseas. He urged, “Don’t pass the bill, let’s continue winning in the courts.”

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Hoskinson also criticized the process behind the bill. He said that the leadership of figures like David Sacks was inadequate, that 137 changes were made, and that institutions like NIST (National Institute of Standards and Technology) were not involved. He claimed that the bill ignored global harmonization and would make the US the worst country in the crypto space.

Hoskinson criticized the Trump administration, stating that its promises regarding cryptocurrency had not been fulfilled. He characterized the failure to release the Epstein files and the military operations against Iran as being built on lies. “Trump said he would be crypto-friendly, but the Clarity Act continues Biden’s policies,” he said. Describing the Iranian operations as “regime change,” Hoskinson criticized their cost ($2 billion per day) and potential consequences. He argued that the operations could target water infrastructure and lead to the deaths of millions. He added that China and Russia would benefit from this situation.

*This is not investment advice.

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