- Cardano Founder has slammed Garlinghouse for supporting U.S. crypto laws that give the SEC too much control.
- He warned that this risks handing crypto to banks.
Hoskinson Questions Industry’s Approach to Regulation
Charles Hoskinson, founder of Cardano, has openly criticized Ripple CEO Brad Garlinghouse for backing U.S. legislation that would expand the SEC’s authority over cryptocurrency projects. In a video released on Jan. 18, Hoskinson described the Clarity Act as overly broad and warned it could force new crypto initiatives to follow strict securities rules by default.
Concerns About Long-Term Oversight
Hoskinson pointed to the risks of passing flawed laws, referencing the Securities Exchange Act of 1933. “Once it’s passed, it stays forever,” he said, emphasizing that legislation like the Clarity Act could entrench permanent regulatory control over the crypto sector.
Protecting Crypto’s Decentralized Vision
Beyond legal concerns, Hoskinson framed the debate as a question of the industry’s core mission. He cautioned that accepting current proposals would normalize custodial wallets, heavy KYC requirements, and reversible transactions. This gives banks and regulators significant power. “I didn’t sign up to hand the revolution to 15 banks,” he said, criticizing leaders who prioritize market access over confronting regulatory overreach.
Hoskinson’s remarks highlight the growing tension between crypto innovators and regulators. Emphasizing the need to safeguard the decentralized principles that define the industry.
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