Cardano Founder Challenges Harris on Crypto Stance: Demands Specific Actions

TLDR:

• Charles Hoskinson criticizes VP Kamala Harris’s crypto stance, demanding specific policy proposals
• Hoskinson expresses skepticism about Harris’s sudden pro-crypto claims after years of perceived industry “abuse”
• Trump’s pro-crypto position contrasts with Harris’s perceived ambiguity
• Industry leaders call for concrete actions and explanations from Harris regarding crypto policies
• Crypto has become a significant topic in the 2024 U.S. presidential election campaign

The cryptocurrency industry has become a focal point in the lead-up to the 2024 U.S. presidential election, with industry leaders calling for clear policy positions from candidates.

Vice President Kamala Harris’s recent pro-crypto claims have drawn skepticism from prominent figures in the space, most notably Charles Hoskinson, founder of the Cardano blockchain.

Hoskinson took to social media to challenge Harris’s stance, citing what he perceives as a history of “brutal abuse” towards the crypto industry by the current administration.

He demanded specific policy proposals and explanations for past actions, stating, “We need specific, tangible actions.” Hoskinson’s comments reflect a broader sentiment of distrust within the crypto community towards Harris’s sudden apparent shift in position.

No specific policy or proposal. Just talk. Will gary be fired? What legislation do you support? What executive actions will be issued? Why haven’t you changed the policy RIGHT NOW since you’re president.

I’m sorry there is ZERO trust. We need specific, tangible actions. https://t.co/iWG6Jq0Ggt

— Charles Hoskinson (@IOHK_Charles) August 21, 2024

The controversy stems from remarks made by Brian Nelson, a policy advisor to VP Harris, who stated that Harris would support policies ensuring the growth of emerging technologies, including the crypto industry.

However, these comments were met with skepticism from industry insiders who point to the administration’s past actions as contradictory to this new stance.

Nate Geraci, president of the ETF Store, echoed Hoskinson’s concerns, emphasizing that “actions speak louder than words.” Geraci called for a balance between innovation and regulation, suggesting that the current administration has focused “solely on regulation” at the expense of fostering innovation in the crypto space.

My take on this is very simple…

Actions speak louder than words.

Current admin, of which Harris is a part, is decidedly anti-crypto.

There’s always balance b/w innovation & regulation.

Focus has been solely on regulation.

Need to demonstrate embracing innovation.

Actions. pic.twitter.com/Q1xkr0a8yL

— Nate Geraci (@NateGeraci) August 22, 2024

The debate over Harris’s crypto position is set against the backdrop of former President Donald Trump’s more explicit pro-crypto stance.

Trump has pledged to become the first “crypto president” and has made promises such as using Bitcoin to pay down the national debt and firing the SEC chairman on his first day in office if re-elected.

This stark contrast in messaging has led to increased scrutiny of Harris’s position, with many in the crypto community demanding more concrete commitments before the election.

Alex Thorn, Head of Research at Galaxy Digital, has warned of potential challenges for the crypto industry if Harris were to assume the presidency, citing her choice of advisors known for anti-crypto sentiments.

The cryptocurrency market itself appears to be reacting to the political discourse. Cardano’s native token, ADA, has seen a nearly 10% price increase over the past week, trading at $0.3720 at the time of reporting.

As the election approaches, the crypto industry’s role in campaign rhetoric continues to grow. Both major party candidates are now attempting to court the crypto vote, recognizing the expanding influence of the digital asset community in American politics.