- Hoskinson opposes the CLARITY Act, calling it a threat to crypto’s decentralization.
- Ripple CEO Garlinghouse is targeted for supporting the legislation.
- Market reacts: ADA drops 6% amid rising trading volume.
Charles Hoskinson, the outspoken founder of Cardano, is once again making headlines—this time targeting Ripple CEO Brad Garlinghouse over the proposed U.S. CLARITY Act. In a livestream last Sunday, Hoskinson criticized crypto leaders who back the legislation, calling it a surrender to regulatory overreach and a betrayal of the original crypto revolution.
Hoskinson Questions Crypto’s Priorities
During the livestream, Hoskinson discussed Cardano’s progress on privacy, DeFi, and its Midnight initiative, while also warning that major blockchain projects like Bitcoin and Ethereum are not immune to monopolistic control. He urged the crypto community to focus on long-term purpose rather than short-term price movements.
However, the spotlight quickly shifted to the CLARITY Act and its supporters. Previously, Hoskinson had engaged in discussions about the bill, which is designed to provide comprehensive regulatory guidelines for tokens, stablecoins, and DeFi projects. Unlike other sector-specific proposals, the CLARITY Act centralizes oversight under agencies like the SEC—a point that Hoskinson now strongly opposes.
Ripple and Garlinghouse in the Crosshairs
Hoskinson singled out Garlinghouse for backing the legislation, accusing him of prioritizing profit and status over the principles of the crypto movement. “Sorry Brad, it’s not better than chaos. Take the chaos and fight for what’s right,” Hoskinson stated. He warned that giving regulators broad authority over token classification essentially hands control of the market to institutions, undermining the decentralized ethos of blockchain.
Other industry leaders remain divided. Coinbase CEO Brian Armstrong recently withdrew support, citing anti-crypto provisions in the bill, while Kraken CEO Arjun Sethi and a16z founder Chris Dixon continue to advocate for it. This split highlights the growing tension within U.S. crypto circles over the future regulatory framework.
Market Impact and Cardano Performance
Cardano’s ADA token has faced volatility amid the debate, trading at $0.3695—a 6% drop in the past day—even as trading volume surged 180% to nearly $1 billion. While the discussion around regulation heats up, investors and traders are closely watching how Hoskinson’s stance could influence the broader market sentiment and adoption trends.
Also Read: Cardano Teams Up With Google While Algorand Powers Japan’s Carbon Market
As the CLARITY Act moves through political channels, the clash between crypto’s ideals and regulatory compromise is becoming increasingly visible. Hoskinson’s latest comments underscore the challenge of balancing innovation, decentralization, and compliance in a rapidly evolving industry.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of CoinBrief.io. Before making any investment decisions, you should always conduct your own research. CoinBrief.io is not responsible for any financial losses.
