Charles Hoskinson, the founder of Cardano (ADA), has launched a scathing attack on the White House’s recent Economic Report, which criticized the cryptocurrency industry. Hoskinson referred to the report as a “piece of garbage” during an interview with a news outlet.
White House Report Criticizes Crypto Industry
The White House’s report, released on March 23, described cryptocurrencies as speculative and risky, with no fundamental value. It also called for regulation to protect consumers and prevent money laundering and terrorist financing. The report has caused quite a stir in the cryptocurrency industry, with many expressing concerns that excessive regulation could stifle innovation and harm the industry.
Hoskinson Slams Report
In response to the report, Charles Hoskinson, the founder of Cardano (ADA), has launched a scathing attack on the White House’s stance on cryptocurrency. During an interview with a news outlet, Hoskinson referred to the report as a “piece of garbage” and criticized its characterization of cryptocurrencies as having no fundamental value.
Possible Bitcoin Ban in the US
Hoskinson’s criticism of the report is not the first time he has spoken out against the White House’s stance on cryptocurrency. In September 2022, he warned that the report suggested Bitcoin could be banned in the United States. His comments have raised concerns among the cryptocurrency community, with many worried about the potential impact of such a ban on the industry.
Building a Decentralized Financial System
The Cardano founder has been a vocal advocate for cryptocurrency and blockchain technology, and has been working to build a decentralized financial system that can provide access to financial services to people who are excluded from traditional financial systems. Hoskinson’s work on Cardano has been praised for its focus on sustainability and scalability, and the project has attracted a large and dedicated community of supporters.
In conclusion, the cryptocurrency industry continues to face increasing scrutiny from regulators around the world, with many countries introducing new rules to regulate the industry. However, many in the industry argue that excessive regulation could stifle innovation and prevent the industry from reaching its full potential. Charles Hoskinson’s criticisms of the White House’s anti-crypto report reflect these concerns and highlight the need for a balanced and informed approach to regulating the cryptocurrency industry.