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Charles Hoskinson, the creator of Cardano (ADA), is urging crypto industry leaders to unite against the United States government’s apparent “war” on digital assets.
In a recent video update, Hoskinson informs his Youtube subscribers of the government’s seemingly anti-crypto stance. He criticizes several government actions, such as issuing a Wells notice to Coinbase and rejecting Custodia’s bid to become a member bank.
Hoskinson says that it is evident that the executive branch is waging a “quiet war against crypto”. This particular executive branch speaks one way and acts another. Publicly, they claim everything is fine, but then privately, there’s chokepoint 2.0.
He adds that the government publicly encourages the crypto industry to register while privately leaving Coinbase in limbo after 30 meetings and issuing a Wells notice. Hoskinson also points out that while the government claims to want a stable banking system, they deny Custodia, the safest banking option for stablecoins, a master account.
Hoskinson believes it’s time for the legislative branch to intervene and pass legislation to curb the overreach currently taking place. He calls on crypto leaders to follow the example of Messari CEO Ryan Selkis, who recently sent a letter to the U.S. House and Financial Services Committee advocating for effective crypto legislation.
He urges industry leaders to “step up” and actively voice their opinions to the legislative branch, rather than just complaining about the situation.