Cardano Founder Pressures White House Over Stalled Crypto Legislation
This article was first published on The Bit Journal. Charles Hoskinson, the founder of Cardano, has issued a sharp rebuke of the Trump administration’s handling of crypto legislation, warning that continued delays could further alienate an industry that once strongly supported President Donald Trump’s return to office.
In an interview on The Wolf of All Streets Podcast, Hoskinson doubted that a long-awaited market structure bill which had received a formal title of the US Digital Asset Market Clarity Act would sail through the first quarter of Congress. Many consider the bill to be one of the pillars of future crypto law in the United States, which seeks to establish regulatory jurisdiction over digital assets.
White House Faces Pressure Over Crypto Legislation
Hoskinson pointed to the failure to advance the bill as a problem that should be addressed directly to the top of the administration, making a direct criticism of White House AI and Crypto Czar David Sacks. Hoskinson said:
In addition to the delays by the legislative bodies, Hoskinson also attributed the Trump-related crypto projects to the further complexity of the already volatile crypto legislation drive. He identified the release of the Official Trump (TRUMP) memecoin as “catastrophic” to the digital asset industry and alleged that Sacks did not control projects that crossed the boundary between politics and speculation.
Trump Memecoin Creates Political Crypto Liability
Hoskinson states that the memecoin has left a political weakness that can be exploited by the Democrats in the midterm elections, which may disrupt the bipartisan crypto legislation entirely. The issue is the name of Trump on it, he said. So it is really difficult to escape it and claim that he had nothing to do with it.
In December 2024, Sacks, a notable venture capitalist, was made the dual AI and crypto position. His appointment is also under criticism, especially following concerns expressed by Senator Elizabeth Warren, who stated that he might have surpassed the term limit of special government employees whilst shaping crypto legislation and policy agenda.
Cardano Suffers Sharp Decline Under Trump
The criticism by Hoskinson is a departure from his previous pro Trump position before the 2024 election when he had leveled an accusation of weakening the crypto industry on former President Joe Biden.
Although Trump subsequently proposed ADA token created by Cardano to the U.S. cryptocurrency reserve, Hoskinson pointed out that the majority of digital assets dropped drastically after Trump entered the second term in office. Over the last one year, Cardano is down by almost 60%.
He also alleged to have lost more than 2.5 billion during the four years, which he attributed to the government action that had made a bull market to be bearish.
Stablecoin Legislation Paralyzed By Political Criticism
On a larger scale, the industry optimism on Trump 2.0 has declined. Although the administration made pro-crypto executive orders and withdrew some of the regulations, chaos has dominated the outlook. Reportedly, trade war rhetoric and a software tariff proposal wiped out an estimated 1 trillion in crypto market value, and pending crypto legislation left investors without direction.
Criticism, including bipartisan, of Trump-branded crypto projects has also paralyzed the stablecoin legislation and corroded trust. Even the Strategic Bitcoin Reserve by the administration failed to impress markets when it turned out that the plan was based on the confiscated funds rather than new acquisitions.
Even with the presence of crypto-friendly champions such as SEC Chair Paul Atkins, insiders currently characterize the administration as unpredictable, politically disorganized, and declining in popularity with an industry still awaiting serious crypto regulations.
Conclusion
As the crypto industry navigates a turbulent first year of Trump’s second term, Hoskinson’s criticism underscores growing frustration over stalled crypto legislation, market losses, and politically charged ventures. As regulatory clarity remains unclear, both investors and lawmakers have a tough road to go on to stabilize the policy in digital assets and regain trust.
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Summary
- Hoskinson criticizes Sacks over stalled crypto legislation.
- TRUMP memecoin called “catastrophic,” risks political fallout.
- Crypto markets, including Cardano, drop sharply under Trump.
- Chaos dominated pro-crypto orders, stalled stablecoin bills.
Glossary of Key Terms
US Digital Asset Market Clarity Act: Proposed U.S. crypto bill.
David Sacks: White House AI and crypto czar.
Trump Memecoin (TRUMP): Cryptocurrency linked to Trump.
ADA Token: Cardano’s cryptocurrency.
Stablecoin Legislation: Rules for dollar-pegged crypto.
Strategic Bitcoin Reserve: Government bitcoin fund plan.
Regulatory Clarity: Clear crypto rules.
Trump 2.0: Trump’s second presidential term.
Frequently Asked Questions About Crypto Legislation
1. What is the US Digital Asset Market Clarity Act?
A U.S. bill to give explicit cryptocurrency and digital assets regulation.
2. Why did Hoskinson criticize David Sacks?
He claims Sacks failed to advance crypto legislation and manage Trump-linked ventures like the TRUMP memecoin.
3. What is the TRUMP memecoin controversy?
The coin is linked to Trump and may create political risks, potentially affecting crypto legislation.
4. How has crypto performed under Trump 2.0?
Most cryptocurrencies, including Cardano, have dropped sharply, with volatility driven by policy and Trump-related projects.
Reference
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