Cardano founder Charles Hoskinson recently leveled harsh criticism against President Donald Trump's administration, arguing that the cryptocurrency environment in the US has significantly deteriorated compared to the end of the Biden administration, despite expectations within the crypto community that Trump would bring a more open approach. According to Hoskinson, the core issue isn't about supporting or opposing cryptocurrencies, but rather how the current White House has excessively politicized the sector, transforming crypto from a technology-finance industry requiring a neutral legal framework into a tool fueled by power and vested interests.
He particularly highlighted the phenomenon of memecoins being linked to political imagery, exemplified by Trump Coin, as a prime example of what he called "institutionalized predatory behavior." According to Hoskinson, the direct or indirect benefit of political figures and factions from symbolic speculative assets has created a dangerous precedent, eroding long-term investor confidence and making lawmakers more cautious in policymaking. In this context, crypto is no longer seen as a technological innovation sector requiring proper regulation, but rather as a political battleground where the risks of manipulation and profiteering are increasing.
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Hoskinson argues that the most serious consequence of this approach is that the "bipartisan consensus window" in the US Congress slammed shut in early 2025. Previously, both Democrats and Republicans had come very close to passing key bills such as the GENIUS Act and the CLARITY Act, which were expected to lay the foundation for a clearer, more transparent legal framework for stablecoins, exchanges, and blockchain projects operating in the US. However, when crypto becomes entangled in political controversy and tied to the interests of a particular faction, the possibility of achieving broad consensus is almost nonexistent.
