- Charles Hoskinson, founder of the Cardano blockchain, has savaged the draft CLARITY Act, claiming it gives total control of the crypto industry to the SEC and hands the crypto “revolution” to the big banks.
- Hoskinson also criticised Ripple CEO Brad Garlinghouse for his support of the draft bill and not fighting for what’s best for the industry.
Cardano founder Charles Hoskinson has savaged the proposed crypto market structure legislation known as the CLARITY Act, saying it gives control of the crypto industry to the Securities and Exchange Commission (SEC) and hands the crypto “revolution” to big banks.
In a live broadcast posted to his X account on January 19, Hoskinson said the state of crypto regulation now — after a year of Trump’s ostensibly pro-crypto regime — is no better than it was under Biden and former anti-crypto SEC Chair Gary Gensler.
“You know what the current bill has in it, 137 amendments later? It hands the entire keys to the cryptocurrency kingdom to the Security and Exchange Commission and you have to go beg and plead with them to make it not a security,” he said.
All new projects are securities by default. How is that any better than what scary Gary [Gensler] gave us under Biden?
Charles Hoskinson, Cardano founderHoskinson became increasingly agitated as he discussed the new legislation, declaring that the revolution he’d been trying to usher in had been co-opted by the banks and other hangers-on looking to cash in by leveraging the Trump administration’s flagrant corruption.
“The hundreds of millions of dollars of donations and lobbying to pay for everything from the inauguration to the east wing of the White House and all the stuff in between — his family’s crypto assets — all these things, and a year later what we got is Elizabeth Warren wrote the bill.”
I didn’t sign up to hand the f***ing revolution to 15 banks, to live in a world where everything is a custodial wallet, where every transaction is KYCed, everything is mutable and reversible, can be frozen at a whim.
Charles Hoskinson, Cardano founderBuilding to a crescendo of discontent over the draft legislation, Hoskinson declared, “I signed up for freedom goddammit! I signed up for a revolution!”
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Hoskinson Harangues Garlinghouse for Supporting the Draft Bill
Hoskinson also lashed out at Ripple CEO Brad Garlinghouse after he tweeted in support of the draft bill last week, and called it a “massive step forward in providing workable frameworks for crypto, while continuing to protect consumers,” adding that “clarity beats chaos.”
The Cardano founder took significant issue with Garlinghouse’s suggestion that some kind of legislation is better than nothing. Hoskinson said, “sorry Brad, it’s not better than chaos — take the chaos and fight for what’s right. Fight for integrity.”
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Hoskinson also likened the CLARITY Act to the Securities Exchange Act of 1933 — suggesting that just like the Securities Act, the crypto market structure legislation will be unchangeable once passed into law. He feels that would potentially destroy any prospect of crypto achieving its revolutionary goals, and warned Garlinghouse that “you pass it, you own it forever!”
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