Charles Hoskinson Loves Regulatory Treatment Of The Crypto Industry

Cardano founder Charles Hoskinson. (Photo; Doc. Siam Blockchain)

JAKARTA - Cardano (ADA) cryptocurrency creator Charles Hoskinson expressed concern about the treatment of the crypto industry by US authorities.

Hoskinson responded to a tweet from Kraken founder Jesse Powell saying regulators deliberately let "bad people" thrive to advance their goals. According to Powell, regulators are letting criminals grow because this is in line with their agenda.

Hoskinson stated that the bill introduced in the state of Illinois would be a Digital Property Protection and Law Enforcement Act if passed is an example of why the US is currently not attractive to the digital asset industry.

According to legal expertwield Hinkes, the Illinois Bill is unfriendly to the crypto industry and will "expel operators, miners, and blockchain knot validators, waste judicial resources, and confuse existing laws in anomalous attempt to protect Illinois consumers."

Hoskinson said that the hostility facing the crypto industry in the US was triggered by the collapse of FTX. Cardano creators said that at that time FTX was going bankrupt, "FTX collapsed. Once that happened, I knew the entire industry was going through tough times."

Responding to Powell's statement, Hoskinson said that the hypothesis that regulators allow "bad people" to develop in the crypto industry is increasingly being felt accurate. Hoskinson said the company was often given a fair notification months or even years before the incident, but regulators did not do anything.

Powell said that bad actors in the crypto space enjoy competitive advantages that good actors don't have. "Bad people operate with huge competitive advantages. They suck on users, income, and venture capital that should fall into the hands of good people. Bad people can always be imprisoned later."

In the current situation, crypto industry leaders expect a change in the government's treatment of the digital asset industry. In an effort to improve this situation, crypto industry leaders and legal experts are working together to set up better regulations and provide guidelines for governments to treat the crypto industry better in the future.