3 months ago
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In a series of scathing social media posts, Charles Hoskinson, the founder of the Cardano (ADA) blockchain, has sharply criticized the Democratic Party’s stance on the crypto industry, particularly the actions and perceived intentions of Vice President Kamala Harris.
Hoskinson’s criticism stems from a perceived lack of clear, tangible support for the crypto ecosystem from the current administration, which he believes has instead pursued a “brutal” crackdown on the industry.
The Cardano founder calls for specific policy proposals and explanations from VP Harris regarding the administration’s approach to regulating digital assets.
Cardano Founder Skeptical Of Harris’ Crypto Promises
In one of his posts, Hoskinson reacted to comments made by Brian Nelson, a policy advisor to VP Harris, who stated that the vice president will support policies that ensure emerging technologies. However, Hoskinson’s response was skeptical, demanding to know the specifics of these policies:
No specific policy or proposal. Just talk. Will gary be fired? What legislation do you support? What executive actions will be issued? Why haven’t you changed the policy RIGHT NOW since you’re president. I’m sorry there is ZERO trust. We need specific, tangible actions.
The Cardano founder further criticized the administration’s past actions, stating that after 3 years of “brutally abusing” the industry, pushing anti-clarity, highlighting the industry’s thirst for actionable strategies over mere rhetoric. Hoskinson further stated:
So after 3+ years of brutally abusing the industry, pushing anti-clarity, preventing legislation from passing, and declaring everyone from the protocols to the exchanges criminals, somehow Harris will magically wake up and become pro-crypto? Don’t even need to fire Gary… Force Harris to state specific policies BEFORE the election. Have her explain why the Biden administration did what it did to us. Who will get fired? We are owed an explanation.
Trump’s Pro-Crypto Stance Clashes With Harris’ Ambiguity
Hoskinson’s criticisms contradict the Republican Party’s more vocal support for the cryptocurrency industry. Former President Donald Trump, who has pledged to become the first “crypto president,” expressed his support for using Bitcoin to pay down the country’s debt and even called for the firing of the SEC chairman on day one of his administration.
This clear endorsement from the Republican Party starkly contrasts the perceived lack of support from the Democratic party and VP Harris, which has led to growing concerns within the crypto community about the industry’s future under a potential Harris presidency.
Galaxy Digital’s Head of Research, Alex Thorn, sounded an alarm, forecasting a rocky road for crypto if Harris assumes the presidency. Thorn’s analysis pointed to Harris’ choice of advisors, including figures known for their anti-crypto sentiments, as harbingers of a continued crackdown on the industry.
At the time of writing, ADA, Cardano’s native token, is trading at $0.3720, up nearly 2% in the past 24 hours. Cardano has seen a nearly 10% price uptrend in the past week alone.
Featured image from DALL-E, chart from TradingView.com
