Cardano (CRYPTO: ADA) founder Charles Hoskinson said Monday that, contrary to expectations, some of the Trump administration’s policies have been “little unhelpful” for the industry.
Trump Hasn’t Turned Out To Be ‘Net Positive’
During an interview with CoinDesk at the Midnight Network Summit, Hoskinson stated that many, including himself, were optimistic that the new administration, under President Donald Trump, would be “magic net positive” for the industry.
“He’s literally [the reason the] U.S. government has become a bag holder,” Hoskinson said. “It’s like the biggest economy in the world and it’s gone from trying to kill crypto to embracing crypto.
Government Hugged ‘Too Hard’
However, he added that the embrace has been more harmful than beneficial.
“Sometimes by having a big guy hug you, they hug too hard and they love too much, and it kind of crushes your ribs,” Hoskinson, who also co-founded Ethereum (CRYPTO: ETH), said.
Hoskinson stated that the government has been very “hand-fisted” and some of the measures have been “little unhelpful.”
“So it created an irrational exuberance and interfered with our normal four-year cycle that we have,” he argued.
Hoskinson was optimistic that the CLARITY Act would pass in the first quarter of 2026, after which the normal bull market would resume.
See Also: Anthony Scaramucci and His Son Invest in Trump Family’s Bitcoin Venture, Despite Political Rift
Hoskinson Endorsed Trump
Hoskinson was one of the biggest supporters of Trump leading up to the 2024 presidential polls, accusing former President Joe Biden of actively working to stifle the Bitcoin (CRYPTO: BTC) and cryptocurrency industry.
Earlier this year, he said that he’s never seen a “more pro-crypto composition” with respect to the U.S. government.
Interestingly, Trump mentioned ADA, Cardano’s native token, as one of the assets that would make up the so-called U.S. cryptocurrency reserve. However, White House cryptocurrency czar David Sacks later said that the list of included tokens was likely an illustration of leading market-cap assets, not a definitive plan.
Price Action: At the time of writing, ADA was exchanging hands at $0.4652, down 5.76% in the last 24 hours, according to data from Benzinga Pro.
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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
