Cardano’s Charles Hoskinson says David Sachs should resign as White House crypto advisor.
Cardano founder Charles Hoskinson says David Sachs should resign as White House cryptocurrency advisor due to his “complete failure.” He expressed this view on the podcast “The Wolf of All Streets.”
According to the developer, the industry has not made as much progress as expected since the appointment of a “cryptocurrency czar” at the end of 2024. Mr Hoskinson stressed that the market continues to be weak, regulatory uncertainty continues and there is a lack of a stable base for new projects.
“If you were appointed ’emperor’ and responsible for this direction, I would judge by the results. Since[President Donald Trump’s]inauguration, most crypto assets have lost 40% to 50% of their value. This is indicative of the unhealthy state of the industry,” he said.
If the Clarity Act is not passed in the first quarter of this year, Cardano founder says Sachs should resign. If Democrats regain the House majority in November’s midterm elections, the “window of opportunity” to advance the bill would be gone.
“Actually, I don’t think Clarity will pass this quarter,” he added.
Hoskinson also criticized the Genius Act of 2025. In his view, the document protects the interests of large financial institutions rather than retail investors.
“[The Genius Act]concentrates the entire industry around BlackRock, Kantar, Goldman Sachs, Morgan Stanley and other giants,” he said, stressing that the bill essentially “handed Wall Street the keys to the crypto kingdom.”
The Cardano founder has repeatedly commented on Trump’s influence on the digital asset industry. He previously said the president’s administration had been “somewhat unhelpful” to markets.
Hoskinson believes the politician risked the health of the entire industry by issuing a controversial meme coin.
“When ‘Trump Coin’ appeared, everything changed from ‘non-political virtual currency’ to ‘virtual currency = Trump = evil = corruption,'” the developer pointed out.
SEC opinion
SEC Chairman SEC Paul Atkins is confident that President Trump will sign the Cryptocurrency Market Structure Act by the end of the year.
“This document is fully consistent with the president’s goal of making the United States the global crypto capital,” he said in an interview with Fox Business. “Clear laws and transparent rules create the certainty the market needs.”
Recently, the U.S. Senate Agriculture Committee C.F.T.C.postponed final consideration of the bill to the end of January. Regulators said additional time was needed to finalize the details.
The meeting was originally scheduled for Jan. 15 to coincide with the Senate Banking Committee’s review of the document.
In December, experts assessed the impact of transparency laws on Bitcoin trends.
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