Charles Hoskinson argues the TRUMP token cost crypto a 70-vote Senate win and sparked the Bitcoin-only crisis

Charles Hoskinson asserted that the launch of the TRUMP token just before a crucial vote transformed crypto policy from bipartisan to partisan, costing the CLARITY Act a potential 70-vote Senate majority. He argued that the resulting scandal and perceived government interference locked capital into Bitcoin, fueling a Bitcoin-only market rally in 2025.

However, the article notes complications: crypto was already linked to Trumpworld before the token, and ethics concerns about his stablecoin deal were surfacing earlier. While the TRUMP token made the legislative path harder, House Republicans and some Democrats still passed core bills like the GENIUS Act. Maxine Waters' objection to a hearing centered on conflict-of-interest abuses related to the President's personal ventures, not blanket hostility to crypto.

The article disputes the market impact claim, stating that the Bitcoin-only rally was primarily driven by structural factors, such as massive capital flows into spot Bitcoin ETFs and a general market maturation leading to reduced risk appetite for altcoins, independent of the political drama.

(Source：CryptoSlate)