Cardano Founder Charles Hoskinson Highlights Trump's crypto Policies Amid SEC Lawsuit
Cardano founder Charles Hoskinson has made headlines recently by leveraging a lawsuit against the U.S. Securities and Exchange Commission (SEC) to showcase his support for Donald Trump over Kamala Harris in the upcoming U.S. election. This move comes as Hoskinson expresses his bold stance towards the SEC’s decision to appeal the Ripple ruling, hinting at potential implications for the Digital asset industry.
As reported by CNF, Hoskinson has drawn attention to a possible shift in Legal frameworks governing cryptocurrencies, advocating for a transition from the traditional Howey Test to what he refers to as the “Ripple Test.” He has been vocal about the inconsistencies in how the SEC regulates the digital asset space, sparking debates within the Crypto community. Hoskinson's comments were prompted by a post from FOX Business journalist Eleanor Terrett, who covered Crypto.com's lawsuit against the SEC.
The ongoing debate surrounding regulatory clarity in the crypto industry has been further fueled by the SEC accusing Crypto.com of trading securities, leading to concerns about contradictory regulatory practices. Similar issues have arisen in other cases, such as the SEC vs. Coinbase dispute, where interpretations of the Howey Test have faced scrutiny.
Trump's Stance on Crypto Regulation and the SEC
In a tongue-in-cheek social media post, Hoskinson indicated that he believes a Harris-Gensler leadership would not bode well for crypto regulation, contrasting this with Trump's more favorable stance on the industry. Trump has openly expressed support for cryptocurrencies and has even explored launching his own projects in the space. According to Hoskinson, the Republican Party (or "team red") seems to be more aligned with the interests of the crypto community.
Notably, there has been a noticeable surge in support for Trump among crypto enthusiasts, reflected in his favorable Odds in prediction markets like Polymarket. With many industry players backing Trump's campaign, there is optimism about the potential for beneficial regulatory changes if he were to return to office. Trump has vowed to replace Gensler, whom he sees as leading an "anti-crypto crusade," on his first day back in the White House.
As of the latest update, Cardano's native cryptocurrency ADA is trading at $0.3457, experiencing a 2.53% decline in the past 24 hours and a 3.54% drop over the past week.
While Hoskinson hints at Trump's perceived advantages in managing crypto regulations compared to Harris and Gensler, speculations about potential replacements for the SEC chair have surfaced. Among the names being discussed is Dan Gallagher, Chief Legal Officer of Robinhood, who brings extensive Experience as a former SEC Commissioner and expertise in legal and regulatory matters.
