Cardano’s Charles Hoskinson warns Trump’s love for crypto will harm the industry

In recent appearances with mainstream news outlets, Charles Hoskinson, co-founder of Cardano and Ethereum, voiced his reservations over the crypto policies of former President Donald Trump and Vice President Kamala Harris.

In an interview with The Financial Times, Hoskinson expressed his concern with the fact that neither Trump nor Harris has presented a clear road ahead for the crypto industry in the United States. This is despite the fact that the former has taken a more progressive position toward the entire industry.

In addition, Charles Hoskinson has expressed concerns over World Liberty Financial, a new decentralized finance platform backed by Donald Trump and his sons.

Hoskinson believes neither Trump or Kamala is good for crypto

In the interview, Hoskinson warned that Trump’s push into crypto could complicate the regulatory landscape for the industry. He said that “everything Trump does the left hates with such a passion.” 

Hoskinson also cautioned that this partisanship could provoke investigations from US regulatory bodies, potentially destabilizing the broader crypto market. He adds, “I don’t see that level of quality and sophistication in the discourse.”

Charles has questioned if Trump could put together a team capable of fostering the crypto industry, citing the former president’s history of high staff turnover.

Trump is not the only political candidate that Hoskinson went after. He criticized Harris, suggesting that her approach would likely continue with the Bidenomics policies of her current administration. He has described these policies as detrimental to the industry.

Hoskinson has also observed a generational difference in the Democratic Party regarding digital assets, as opposed to Republicans, who appear to be more open to the idea of fair laws, citing Senator Cynthia Lummis’ efforts for the industry.

Hoskinson noted that while senior leaders such as Elizabeth Warren and President Joe Biden have expressed reservations about the industry, younger Democrats like Ro Khanna are more willing to talk about sensible regulatory solutions. He believes the party’s position on crypto regulation will evolve over time.

How is Trump bad for crypto?

Despite Trump’s previous criticism of Bitcoin as a “scam,” he has recently pledged to transform the US into a “Bitcoin superpower.” Why the sudden change of heart? Why won’t Cardano’s founder buy his love for the crypto industry?

In an interview with CNBC, Hoskinson showed confidence in Trump’s stance on crypto despite his reservations. He claimed that Trump’s and his family’s involvement in DeFi projects and appearances at crypto conferences have positioned him as the “more pro-crypto” candidate.

Charles says, “Trump is certainly the favorite from a cryptocurrency perspective.” However, he points out that while Trump’s approach appears opportunistic, such behavior is typical in American politics, and “every politician has some degree of opportunism.” He went on to say that lasting change in the industry requires a broad coalition.

He stressed that Trump’s crypto ventures risk turning a typically bipartisan area into a political battleground, noting that Democrats might respond by leveraging government institutions like the Department of Justice (DOJ) or the Securities and Exchange Commission (SEC) to impede the project.

He expressed concerns that these regulatory measures might lead to broader consequences for the entire crypto sector, possibly pushing more of it overseas.

Hoskinson believes Trump will struggle to keep his pro-crypto policy promises if he wins the November election, casting doubt on the administration’s ability to support the industry.