Cardano Founder: US Partisanship Will Hinder Trump's Crypto Plan

On September 20, former Ether co-founder and Cardano founder Charles Hoskinson warned that the new digital asset platform promoted by Donald Trump and his sons could “terrify” the industry, according to the Financial Times.Hoskinson said: “Trump is launching a DeFi app, which is scary for my industry because everything Trump does is strongly opposed by the left. He's turned something bipartisan into a partisan fight.” Hoskinson said Democrats “will try to weaponize America's institutions to slow down and undermine Trump. So I wouldn't be surprised if the Justice Department, the tax department or the SEC target the new platform for investigation. And then the whole industry would take a hit and create a lot of problems.” Hoskinson is skeptical that the two presidential candidates in the U.S. election will foster a robust cryptocurrency industry in the country. hoskinson said, “I don't think Trump or Harris are talking about crypto with the kind of quality and sophistication that's being discussed in the crypto space.” He said this Trump could have a hard time delivering on his pro-crypto policy promises if he is elected in November, and Hoskinson said the high turnover of employees within the Trump administration makes it difficult for him to recruit the right talent into the government to grow the industry. Harris, he added, “appears to be a continuation of the disastrous policies that Biden has imposed on the crypto industry.” Hoskinson said that if the U.S. passes legislation to bring clarity to the cryptocurrency market and “stops prosecuting companies and shutting down bank accounts,” the U.S. could gain access to “$5 to $10 trillion worth of cryptocurrencies” over the next 10 years. He added that he is more positive about the legislative branch of U.S. policymaking, and said he has had productive conversations with Republican Senators Tim Scott and Cynthia Lummis, and Democratic Senator Ron Wyden.