US officials may be sabotaging the crypto industry, according to Cardano creator Charles Hoskinson
Cardano (ADA) creator Charles Hoskinson expresses concern about the treatment of the crypto industry by the US government.
In response to a tweet by Kraken founder Jesse Powell theorizing that regulators were deliberately allowing “bad guys” to thrive to further their goals, Hoskinson says says that it “begins to feel” as if the hypothesis is “accurate”.
“Honestly, it’s starting to feel like this is accurate. Reasonable notice was given for many of the firms that exploded months or sometimes years before the events.”
According for Powell, regulators allowed the bad actors to grow big because it suits their agenda.
“I have a theory:
Regulators let the bad guys get big and blow up because it serves their agenda.
- destroy capital/resources in crypto ecosystem
- burn people, deter adoption
- provide air cover to attack good actors
The bad guys are actually on side. Good guys are the enemy.”
Powell further says that the bad players in the crypto space enjoy a competitive advantage that the good players do not have.
“If the bad guys can run long enough without blowing up, they can just kill the good guys for you.
Bad guys operate with huge competitive advantages. They suck up users, revenue and risk capital that would otherwise go to the good guys.
Bad boys can always be jailed later.”
In another tweet, Hoskinson says that a bill introduced in the state of Illinois that would become the Digital Property Protection and Law Enforcement Act if passed is an example of why the United States is currently unattractive to the digital assets industry.
In accordance legal expert Drew Hinkes, The Illinois bill is hostile to the crypto industry and would “drive out blockchain node operators, miners and validators, waste judicial resources and confuse existing law in a quixotic attempt to protect Illinois consumers.”
Hoskinson further states that the hostility facing the crypto industry in the US was triggered by the collapse of FTX.
The Cardano creator says that the moment FTX went up,
“The FTX Collapse. The moment it happened, I knew the whole industry was in for a seriously tough time.”
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