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Cryptocurrency News Articles
Charles Hoskinson Believes Neither Trump nor Kamala Is Good for Crypto
Sep 21, 2024 at 05:14 pm
In recent appearances with mainstream news outlets, Charles Hoskinson, co-founder of Cardano and Ethereum, voiced his reservations over the crypto policies
Cardano co-founder Charles Hoskinson has shared his thoughts on the crypto policies of former President Donald Trump and Vice President Kamala Harris in recent interviews with mainstream news outlets.
Speaking to The Financial Times, Hoskinson expressed concern that neither Trump nor Harris has outlined a clear path forward for the crypto industry in the United States, despite the former having taken a more progressive stance towards the sector.
Furthermore, Charles Hoskinson has raised red flags over World Liberty Financial, a new decentralized finance platform being promoted by Donald Trump and his sons.
Hoskinson: Neither Trump nor Kamala is good for crypto
During the interview, Hoskinson warned that Trump’s foray into crypto may complicate the regulatory landscape for the industry. According to him, “everything Trump does the left hates with such a passion.”
Hoskinson went on to express concern that this partisanship may trigger investigations by US regulatory agencies, which could potentially destabilize the broader crypto market.
“I don’t see that level of quality and sophistication in the discourse,” he added.
Charles also questioned whether Trump would be able to assemble a team capable of nurturing the crypto industry, given the former president’s history of high staff turnover.
Trump was not the only political candidate that Hoskinson took aim at. He criticized Harris, suggesting that her approach would likely continue with the Bidenomics policies of her current administration, which he has described as being detrimental to the industry.
Hoskinson also observed a generational difference in the Democratic Party regarding digital assets, as opposed to Republicans, who appear to be more open to the idea of fair laws, citing Senator Cynthia Lummis’ efforts for the industry.
While senior leaders such as Elizabeth Warren and President Joe Biden have expressed reservations about the industry, younger Democrats like Ro Khanna are more willing to talk about sensible regulatory solutions, he noted, adding that the party’s position on crypto regulation will evolve over time.
How is Trump bad for crypto?
Despite Trump’s previous criticism of Bitcoin as a “scam,” he has recently pledged to transform the US into a “Bitcoin superpower.” So, what gives? And why won’t Cardano’s founder buy his newfound love for the crypto industry?
In an interview with CNBC, Hoskinson expressed confidence in Trump’s stance on crypto despite his reservations. He claimed that Trump’s and his family’s involvement in DeFi projects and appearances at crypto conferences have positioned him as the “more pro-crypto” candidate.
“Trump is certainly the favorite from a cryptocurrency perspective,” said Charles. However, he pointed out that while Trump’s approach appears opportunistic, such behavior is typical in American politics, and “every politician has some degree of opportunism.” He went on to say that lasting change in the industry requires a broad coalition.
He stressed that Trump’s crypto ventures risk turning a typically bipartisan area into a political battleground, noting that Democrats might respond by leveraging government institutions like the Department of Justice (DOJ) or the Securities and Exchange Commission (SEC) to impede the project.
He expressed concerns that these regulatory measures might lead to broader consequences for the entire crypto sector, possibly pushing more of it overseas.
According to Hoskinson, if Trump wins the November election, he believes that the administration will have a hard time fulfilling its pro-crypto policy promises, casting doubt on the administration’s ability to support the industry.
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