Charles Hoskinson says U.S. crypto bill could take 15 years and favor incumbents

Cardano founder Charles Hoskinson expressed significant concerns regarding the proposed Digital Asset Market CLARITY Act, suggesting that even if passed, the extensive rulemaking process could stretch to 15 years. He fears the legislation could be 'weaponized' by future administrations, depending on whether Democrats or Republicans hold power, noting that the FTX collapse turned Democrats hostile toward crypto.

Hoskinson's primary critique is that the bill treats new crypto projects as securities by default, creating a regulatory trap that favors established cryptocurrencies like Cardano and XRP, while making it nearly impossible for future projects to compete by exiting that classification. He criticized the industry debate for focusing on immaterial issues like stablecoin yield rather than the fundamental flaws.

Furthermore, Hoskinson argued the legislation is overly complex, lacks technical expertise in its drafting, and suffers from a purely domestic focus, failing to align with global regulatory frameworks like MiCA. He believes political polarization has destroyed the bipartisan window needed for effective legislation.

(Source：CoinDesk)