"It would have been different": Hoskinson reveals the real reason why crypto regulation stalled in the US.

Charles Hoskinson argues that Trump's memecoins politicized the sector, hindering cryptocurrency regulation and the passage of key laws like the CLARITY Act in the United States.

Donald Trump's electoral victory in 2024 generated high expectations within the digital asset ecosystem, projecting a favorable scenario for financial innovation in the United States. However, for some experts, the current legislative reality falls far short of those initial promises.

Charles HoskinsonThe founder of Cardano has presented a critical assessment of the factors that have derailed regulatory progress. According to his perspective, the Trump administration has made several strategic errors that transformed a technical issue into a partisan battle, hindering the possibility of establishing a solid legal framework for crypto assets in the short term.

In a interview In a recent interview with CoinDesk TV, the mathematician detailed how the marketing of the presidential image through speculative cryptocurrencies like memecoins has had a corrosive effect on Congress. Far from facilitating the passage of essential legislation, these actions have validated the arguments of industry detractors and complicated the position of serious projects seeking regulatory clarity, leaving the sector more vulnerable than it was during previous administrations.

The cost of institutionalizing speculation according to Hoskinson

From Hoskinson's point of view, the debate on crypto regulation in the United States represents an opportunity that vanished just when the political scenario seemed most favorable. 

Before 2025, the conditions were ripe for building bipartisan consensus around laws like CLARITY and GENIUS, both designed to provide a coherent federal framework for the digital asset sector. However, the initial momentum was derailed when token projects linked to the Trump family emerged, accompanied by a wave of public promotion of memecoins from figures close to the government. Hoskinson believes that by linking the crypto industry to the president's personal brand, the neutrality necessary for Democratic lawmakers to support these regulatory initiatives was eliminated.

The dramatic drop in the value of almost all these speculative assets, which registered losses exceeding 80% after reaching their all-time highs, not only affected retail investors but also provided political ammunition for the opposition. For many legislators, the crypto market ceased to be a field of technological innovation and became synonymous with schemes for quick enrichment for the presidential circle. According to the founder of Cardano, this perception has erected a wall in the Senate, where a lack of votes has made any significant progress impossible—at least until now. The association of cryptocurrencies with conflicts of interest, due to Trump's ties to crypto projects, has polarized the debate, preventing the market's structural needs from being addressed with the technical rigor they require.

But beyond the legislative gridlock, Hoskinson also describes an administrative environment characterized by improvisation and a lack of professionalism. The absence of formal communication channels between industry and government, despite the establishment of several committees and working groups focused on digital assets, has given way to a system based on influence and privileged access, rather than a coherent public policy strategy. Hoskinson's criticisms also target key figures appointed to lead the crypto strategy, such as David Sacks, whose management has failed to deliver concrete results, such as the passage of essential regulations, during his first year in office.

Controversy over the inclusion of ADA in the state cryptocurrency reserve

The founder of Cardano —who had previously offered to collaborate with Trump administration officials— has also watched with concern the inclusion of ADA, the native cryptocurrency of his blockchain network, along with assets such as Solana and XRP, within the strategic cryptocurrency reserve announced by the government. 

From his perspective, the measure was adopted without consulting the teams responsible for each project, which has raised concerns about its potential future legal implications. In a context of political change, Hoskinson believes this decision could become a source of controversy, turning an imposed collaboration into a subject of partisan investigation. Furthermore, he believes this behavior demonstrates that the current administration prioritizes symbolic gestures over building a stable regulatory environment, jeopardizing the legal security of companies and innovators. In his view, public decisions should serve to strengthen trust in the industry, not to solidify temporary political narratives.

For its part, Anatoly YakovenkoThe founder of Solana was also highly critical of the idea of ​​his cryptocurrency, SOL, being included in the United States' strategic cryptocurrency reserve and, more generally, of the very concept of a national reserve of crypto assets. His stance stems from a central concern about defending decentralization against any attempt to concentrate power in the hands of the government.

Yakovenko made it clear that he was not consulted about Solana's inclusion and denied that his team had lobbied for the cryptocurrency to be added to the list. He even questioned the meaning of speaking of a "Solana representative," comparing it to the idea of ​​a supposed official Bitcoin representative, precisely because they are open and decentralized networks. From his perspective, the US government controlling a cryptocurrency reserve goes against the original spirit of the industry, as it turns these assets into tools subject to political decisions.