Charles Hoskinson, the founder of Cardano (ADA), is rallying cryptocurrency industry leaders to take action against the US government’s escalating crackdown on virtual assets. In a recent video message, Hoskinson expressed concern over the federal government’s anti-crypto actions.Â
This includes the issuance of a Wells notice to Coinbase and the rejection of Custodia’s application to become a member bank. Charles Hoskinson believes that the crypto industry must unite against these moves and take a stand to protect the future of cryptocurrency.
Government’s Anti-Crypto Stance
Charles Hoskinson stated that the executive branch is surreptitiously fighting against cryptocurrency. He highlighted that the government has been making contradictory statements; while they publicly claim to be supportive of the industry, privately, they have implemented what he referred to as “chokepoint 2.0”.
The Cardano founder gave an example of Coinbase having 30 meetings to register, but after silence, receiving a Wells notice instead. Furthermore, he expressed that the government has publicly encouraged industries to register, but at the same time, they have been denying the registration of companies like Coinbase.
Hoskinson went on to say that the government has publicly stated its desire for a stable banking system, yet they have privately denied Custodia, which is considered the safest possible banking vehicle for stablecoins, a master account. He expressed frustration with the lack of honesty in the government’s actions.
Charles Hoskinson emphasized that it is essential for the legislative branch to pass legislation to limit the government’s overreach, which has become increasingly prevalent. He is urging crypto leaders to take immediate action and push back against the government’s actions. Hoskinson commended Ryan Selkis, the CEO of Messari, for writing a letter in support of “effective crypto legislation.”
This letter was sent to the U.S. House and Financial Services Committee. The Cardano founder further emphasized that industry leaders should follow Selkis’s example and take action instead of just complaining. He urged them to write letters and express their opinions to the legislative branch.
