- The United States has persistently attacked the crypto market while ignoring its rising economic problems.
- Charles Hoskinson called out the US’s hypocrisy.
- The Cardano Founder shared that the US destroyed its competitive edge.
The United States Government has consistently imposed stringed regulations on the crypto industry, all the while neglecting its own economic challenges and mounting debt. While regulators focus on cracking down on the country’s major crypto exchanges, it has yet to address its dwindling economy adequately.
In response to the US’ inconsistency, Cardano Founder Charles Hoskinson voiced his growing frustration with the government’s lack of coherence, criticizing its economic strategies and handling of the broader crypto space.
Charles Hoskinson Blasts the US
On August 1, Fitch Ratings, a leading global credit rating agency, downgraded the United States from triple-AA to AA+, marking the country’s diminished ability to meet financial obligations, such as repaying debt.
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Following the downgrade, Treasury Secretary Janet Yellen expressed her bewilderment, highlighting the US’s economic strength as a rebuttal, and disagreeing with the credit rating agency’s judgment, classifying it as entirely unwarranted.
In response, Charles Hoskinson scrutinized both Treasury Secretary Janet Yellen and the US government, pointing out various metrics that reflect the United States’ apparent hypocrisy and ignorance. Hoskinson pointed out that the US has a national debt of over $30 trillion and has doubled the money supply over the last two years.
The rowdy founder further accentuated the United States’ involvement in proxy wars and its mishandling of emerging technologies, citing that the country destroyed its competitive edge with crypto and other industries. Hoskinson concluded that the United States’ poor economic performance is a key reason it was downgraded in credit ratings. However, he emphasized that the government has yet to confront this reality.
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While significant, the credit rating does not immediately threaten the US’s economic status. Still, it carries potential long-term implications, including high borrowing costs, federal budget impacts, and possible erosion of investor confidence, which could ultimately extend into the crypto market.
On the Flipside
- A majority of US lawmakers recently advanced a set of groundbreaking crypto bills that promise to provide much-needed clarity to Cardano and the crypto industry.
- The SEC’s unwarranted attacks have led to traders losing hundreds of millions of dollars across crypto-tracked futures.
- Earlier this year, economic advisors from the White House took aim on behalf of the President, claiming Cryptocurrencies held no fundamental value.
Why This Matters
The United States government’s approach toward crypto has not had a positive impact on the industry’s growth and innovation. Charles Hoskinson’s frustration with regulators’ lack of coherence is understandable, considering the country has yet to address its economic issues and rising inflation.
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Cardano (ADA) Stumbles Into Bear Territory, Falls Below $0.3
