Charles Hoskinson Warns of Potential "Fear" in Crypto Industry Due to Trump's New Digital Asset Platform

On September 20th, PANews reported that Charles Hoskinson, the former Ethereum co-founder and Cardano founder, expressed concern about the potential impact of a new digital asset platform promoted by Donald Trump and his sons. He believes it could trigger fear in the cryptocurrency industry.

Hoskinson stated: "Trump is launching a DeFi app, which is terrifying for my industry, because everything Trump does gets slammed by the left. He turns bipartisan issues into partisan issues."

He elaborated, saying that Democrats "will try to weaponize institutions in the U.S. to slow down and damage Trump. So I wouldn't be surprised if the Justice Department, the IRS, or the SEC investigate this new platform. Then the whole industry will be affected, and there will be a lot of questions."

Hoskinson expressed skepticism about both presidential candidates' ability to foster a strong cryptocurrency industry in the US. He stated: "I don't think either Trump or Harris has had the kind of quality and sophistication in their discussion on crypto." He believes Trump, if re-elected in November, might struggle to fulfill his promises of supporting crypto policies. Hoskinson pointed out the high turnover rate in the Trump administration, making it difficult to attract the right personnel to develop the industry. He added that Harris "appears to be a continuation of the disastrous policies Biden has implemented for the crypto industry."

Hoskinson believes that if the US clarifies the cryptocurrency market through legislation and "stops prosecuting companies and shutting down bank accounts," the country could potentially generate "between $5 and $10 trillion worth of crypto" over the next decade. He expressed a more optimistic stance on the legislative branch of US policymaking, mentioning productive conversations with Republican Senators Tim Scott and Cynthia Lummis, as well as Democratic Senator Ron Wyden.