Key Takeaway:
Cardano founder, Charles Hoskinson, raises concerns about the Trump-backed crypto platform, warning of regulatory challenges and potential politicization of the industry.
Charles Hoskinson’s Concerns
Charles Hoskinson, the founder of Cardano (ADA) blockchain, expressed concerns over World Liberty Financial, a decentralized finance platform backed by former U.S. President Donald Trump and his sons. In an interview with the Financial Times, Hoskinson cautioned that Trump’s involvement in crypto could complicate regulatory landscape and lead to investigations from U.S. regulatory bodies, potentially destabilizing the broader crypto market.
Trump’s Crypto Policy Promises
Despite Trump’s previous dismissal of Bitcoin as a “scam,” he has pledged to make the U.S. a “Bitcoin superpower.” However, Hoskinson remains skeptical of Trump and Kamala Harris’ ability to support cryptocurrency, citing their lack of understanding in crypto issues. Hoskinson doubts Trump’s ability to fulfill his pro-crypto policy promises if he wins the election, questioning the administration’s capacity to nurture the industry.
World Liberty Financial’s Plan
World Liberty Financial confirms plans to launch a governance token, WLFI, available only to accredited investors under a Regulation D exemption. The platform has engaged top-tier security firms to audit and secure the project due to regulatory uncertainty. Despite these efforts, Hoskinson believes Trump may face challenges in fostering a supportive environment for crypto if elected.
