Cardano founder raised concerns about the Trump-backed crypto platform, warning it could bring regulatory challenges and politicize the industry.
Charles Hoskinson, founder of the Cardano (ADA) blockchain, has expressed concerns over World Liberty Financial, a new decentralized finance platform backed by former U.S. President Donald Trump and his sons.
In an interview with the Financial Times, Hoskinson warned that Trumpโs push into crypto could complicate the regulatory landscape for the industry, saying that โeverything Trump does the left hates with such a passion.โ He also cautioned that this partisanship could provoke investigations from U.S. regulatory bodies, potentially destabilizing the broader crypto market.
Despite Trumpโs previous dismissal of Bitcoin as a โscam,โ he has recently pledged to transform the U.S. into a โBitcoin superpower.โ However, Hoskinson remains skeptical of both Trump and Kamala Harrisโs ability to foster a supportive environment for cryptocurrency as he believes that neither candidate demonstrates the necessary sophistication in understanding crypto issues.
โI do not see that level of quality and sophistication in the discourse [with Trump or Kamala Harris in the crypto space].โ
Charles Hoskinson
Hoskinsonโs comments follow World Liberty Financialโs confirmation that it plans to launch a governance token, WLFI, which will be available only to accredited investors under a Regulation D exemption. The project has enlisted top-tier security firms to audit and secure the platform as regulatory uncertainty remains a challenge.
Nonetheless, Hoskinson still believes Trump may struggle to fulfill his pro-crypto policy promises if he wins the November election, casting doubt on the administrationโs capacity to nurture the industry.
