• Tue. Apr 23rd, 2024

Charles Hoskinson Says US Authorities Can Sabotage Cryptocurrency Industry

Phillip Seefeldt

ByPhillip Seefeldt

Mar 9, 2023

Charles Hoskinson, the founder of Cardano, has expressed apprehensions regarding the correction of the crypto industry by the authorities operating within the United States. In response to a tweet shared by Jesse Powell (the founder of the crypto exchange Kraken), Hoskinson has raised concerns over the operations of the regulatory bodies.

Hoskinson Says Crypto Industry Might Get Sabotaged by the US Regulators

In his Twitter post, he noted that the malicious actors have deliberately been allowed by the regulatory agencies to achieve their objectives. The Cardano founder mentioned that his hypothesis appears to be accurate. He added that the regulatory agencies issued fair notice to several entities that burst out months, years, or months before the incidents.

While remarking on this, Powell stated that the regulatory entities permitted the malicious people to expand their operations since it was in line with their framework. The Kraken founder also presented a theory in this respect.

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He stated that the regulatory agencies have some reasons for which they have permitted the bad people to grow their activities as their agenda is in line with such operations.

Powell disclosed that it is included in the framework of the regulators to destroy the resources and capital existing in the ecosystem of the crypto ecosystem. As per him, another thing that is a part of the agenda of the regulators deals with deterring the adoption of crypto on a vast level. Hence, they are focusing on discouraging people from adopting or investing in crypto assets.

The Kraken founder added that the regulatory entities have another thing on their agenda related to the provision of support for the assault of good actors. According to Powell, the regulatory bodies are backing bad actors while confronting the good actors in the crypto industry.

He disclosed that the malicious people in the crypto world are being prioritized by the regulatory organizations compared to those sincere to this space.

In this way, he added, if the malicious people can operate for a long time without bursting, it might just eliminate the good actors. In Powell’s words, the bad guys drain the funds of the investors, posing a lot of damage to both the investors and the good guys.

Hoskinson posted another post saying that the Illinois state has witnessed a bill proposed recently. As per Hoskinson, the respective bill proves why the US is not attractive to the digital assets space.

Apart from that, Drew Hinkes (a legal expert) asserted that the bill introduced in Illinois is against the crypto market. Hinkes is of the view that the bill would eliminate the blockchain validators, miners, and node operators.

Along with this, the respective law would confuse the present law and discard judicial resources in an unsuccessful endeavor to shield the consumers in Illinois.

The Cardano Founder Thinks FTX Debacle Ignited Regulators’ Hostility with Crypto

The Cardano founder brought to the front that the hostility of the regulatory bodies against the crypto platforms in the United States was ignited by the FTX crash. The CEO of Cardano pointed out that the FTX fiasco was the incident after which the whole crypto industry became a victim of the stringent regulatory measures taken by the watchdogs to suffocate this space.

Recently, Hoskinson also reacted to the criticism posed to him by the people who likened the Cardano community to a cult. This was not the first criticism addressed by Hoskinson. He has frequently been condemned by the members of the crypto community.

Phillip Seefeldt

Phillip Seefeldt

Phillip Seefeldt is a skilled and perceptive news writer known for his comprehensive analysis and engaging writing style. With a commitment to accuracy and a deep understanding of current affairs, his articles provide readers with insightful perspectives and thought-provoking insights.

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