Charles Hoskinson, the founder of Cardano, has criticized President Trump for the slow progress of the U.S. crypto bills. He connected the hurdle in the progress with the memecoins. This includes those launched immediately after President Trump won the election.
Cardano Founder Says Trump’s Memecoins Deter U.S. Crypto Bills Progress
Charles Hoskinson has expressed his dissatisfaction with the Trump administration’s involvement with the progress of crypto regulation. Charles pointed that it is even worse now regarding the current status of the U.S. crypto industry compared to what it was during previous President Joe Biden.
In his opinion, the politicized nature of digital assets and the development of memecoins have negatively impacted the level of trust at this critical stage.
Eric Hoskinson revealed that he initially believed that the win in the November 2024 elections by President Donald Trump would mark the beginning of a new and friendly crypto legislative framework.
In fact, he even proved his readiness to collaborate with the government. But this perception changed when the Trump coin was launched prior to the inauguration in the year 2025.
The founder of Cardano believes the memecoin incident contributed to the delay of some important crypto bills in the US, especially the CLARITY Act.
He stated that the early part of 2025 offered a very rare moment of bipartisan collaboration on crypto regulation. Nonetheless, that moment closed when Democrats expressed worries about possible conflicts of interest relating to Trump’s involvement in cryptocurrency projects.
“The environment could have been entirely different,” added Hoskinson. The Cardano founder stated that the proposed US crypto bills could have passed had the industry not been politicized. Since its inception, the Trump coin has fallen by more than 80% of its worth.
Senate Presses Forward with Partial Reforms
A newly proposed draft market structure bill by the Senate Banking Committee has set concrete limits on rewards for stablecoins. However, it is important to ensure that there is no promotion of crypto services that give a reward as a result of holding stablecoins.
This will also enable the employment of incentives linked to activities. This includes the use of transactions, staking, and offering liquidity. This comes in the wake of weeks of discussions between the legislature and the banking industry, in relation to the US crypto bill.
At the same time, the Senate Agriculture Committee has postponed the already scheduled hearing regarding crypto issues. The delay of the hearing was partly because of the extra time used to resolve the remaining issues.
Source: https://coingape.com/cardano-founder-slams-president-trump-says-his-memecoins-stalled-u-s-crypto-bills/
