Cardano’s Hoskinson Slams U.S. Hypocrisy in Targeting Crypto

Cardano’s Charles Hoskinson voiced his growing frustration with the US’s lack of coherence in handling the crypto industry.

Charles Hoskinson being unamused from behing a large mask held by a hand.
Created by Gabor Kovacs from DailyCoin
  • 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. 

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. 

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

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. 

More on Cardano:

DailyCoin Cardano Regular: $0.3 Tug of War, “Ghostchain” Drama, Whales Active

More From Charles Hoskinson: 

Cardano (ADA) Stumbles Into Bear Territory, Falls Below $0.3

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Insha Zia

Insha Zia is a senior journalist at DailyCoin covering crypto developments, especially in the Cardano ecosystem. With a Bachelor of Science in Computer Systems Engineering, he delivers high-quality articles with his technical background and expertise in data analysis and programming languages, aiming to educate and inform readers accurately, transparently, and engagingly. Insha believes education can drive mass adoption of the crypto space, and he is committed to giving DailyCoin readers a better understanding of the technology.