As CNF recently highlighted, Hoskinson suggested a potential shift in legal frameworks governing cryptocurrencies with the focus shifting from the Howey
Cardano founder Charles Hoskinson has used a lawsuit against the U.S. Securities and Exchange Commission (SEC) to voice his support for Donald Trump over Kamala Harris in the upcoming U.S. election, following Hoskinson's bold stance on the SEC's decision to appeal the Ripple ruling.
As reported by CNF, Hoskinson hinted at a potential shift in the legal framework governing cryptocurrencies, with the focus moving from the Howey Test to the “Ripple Test,” highlighting the inconsistency in the SEC's regulation of the digital asset industry, a topic that has sparked heated discussions within the crypto community. Hoskinson's remarks came in response to a post by FOX Business journalist Eleanor Terrett, reporting on Crypto.com's lawsuit against the SEC.
It was also reported that the crypto exchange is arguing against the SEC's overreach, following a Wells Notice accusing the platform of trading securities. The issue of contrasting regulation is not new, with similar concerns surfacing in the ongoing SEC vs. Coinbase case, where the interpretation of the Howey Test is also being examined.
Trump's Potential Impact on SEC and Crypto Regulation
In a sarcastic post on X, Hoskinson wryly suggested that a continuation of Kamala Harris's leadership, with SEC Chair Gary Gensler remaining in his position, would not bode well for the crypto industry, given Gensler's regulatory approach.
He contrasted this with Trump, who has shown strong pro-crypto leanings, even launching his own crypto ventures. According to Hoskinson, “team red” (the Republican Party) appears to be more favorable towards the crypto space.
Hoskinson's stance reflects growing support for Trump among crypto enthusiasts. Betting markets like Polymarket indicate Trump's odds of winning at 52.4%, and many in the crypto industry are contributing to his campaign, hoping to see his return to the White House. Among his plans if elected, Trump has stated that he will fire Gensler on his first day in office and put an end to the SEC's “anti-crypto crusade.”
At the time of writing, Cardano (ADA) is trading at $0.3457, down 2.53% in the past day and 3.54% in the past week.
As the Cardano founder hints at Trump's crypto edge over Kamala Harris with a Gensler analogy, discussions about a potential replacement for Gensler have already begun, with Robinhood's Chief Legal Officer Dan Gallagher emerging as a possible candidate due to his past experience as an SEC Commissioner and expertise in the legal and regulatory space.
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