Charles Hoskinson criticizes Trump for turning crypto into a political liability
Cardano founder Charles Hoskinson has criticized President Donald Trump for what he sees as slow progress on key U.S. crypto legislation, linking the delays to the politicization of digital assets and the rise of memecoins.
Hoskinson said the current environment is, in some ways, worse for the crypto industry than it was under former President Joe Biden. He argued that trust has eroded at a critical moment, making bipartisan cooperation more difficult, reports CoinGape.
According to Hoskinson, the launch of memecoins tied to political figures has damaged the credibility of the sector. He added that this shift has made lawmakers more cautious and skeptical. In his view, crypto regulation has become entangled with political optics rather than economic and technological priorities.
Memecoins and missed bipartisan momentum
Hoskinson said he initially believed Trump’s election victory in November 2024 would usher in a more constructive regulatory era for crypto. He even expressed willingness to work with the administration to help shape a clearer legislative framework. That optimism faded when a Trump-branded memecoin was launched ahead of the 2025 inauguration. Hoskinson described the move as a turning point that made crypto appear “extractive” rather than innovative. He argued that the episode contributed to delays in major bills such as the CLARITY Act.
According to him, early 2025 presented a rare window for bipartisan cooperation on crypto policy. That momentum, he said, stalled once Democrats raised concerns about conflicts of interest tied to political involvement in crypto projects.
Partial reforms move forward amid uncertainty
Despite broader setbacks, U.S. lawmakers continue to advance more limited crypto reforms. A draft market structure bill from the Senate Banking Committee proposes firm limits on rewards tied to stablecoins. The proposal aims to prevent the promotion of crypto services that incentivize users simply for holding stablecoins, while still allowing rewards linked to activity such as transactions, staking, or liquidity provision. These measures follow weeks of negotiations between lawmakers and the banking sector.
At the same time, the Senate Agriculture Committee has postponed a planned hearing on crypto issues. The delay reflects ongoing disagreements and the need for additional time to resolve unresolved policy questions. Together, the developments suggest incremental progress, but far from the comprehensive framework Hoskinson believes was once within reach.
Recently we wrote that Kazakhstan’s financial authorities have shut down access to more than 1,100 unlicensed online crypto exchange services over the past year as part of a sweeping enforcement campaign.
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