Cardano Founder Charles Hoskins Claims that US Regulators are Working to Sabotage DeFi

Cardano founder, Charles Hoskinson, has issued a warning about the increasing grip of financial regulators on the DeFi market. He posted his comments in response to a tweet by Kraken CEO and founder Jesse Powell.

Powell mentioned in his tweet the bias of US regulators towards giving a free hand to the bad guys to push their agenda. In response to this interjection, Hoskinson exclaims that this idea has started to feel quite accurate.

Crypto Regulatory Crackdown

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The opinion about the biased crackdown on the DeFi market by US regulators in the cryptocurrency community is still divided. Hoskinson mentioned in his tweet that SEC has been issuing fair notices to various cryptocurrency organizations that came to an abrupt halt years before its maturation. The idea of eventual regulatory pushback on the cryptocurrency market is not new.

On the other hand, Kraken CEO Powell has presented his followers with a theory about the partiality of US regulators toward DeFi. He mentioned that these agencies are on a mission to disqualify the capital and other resources in the DeFi sector.

They are curbing greater adoption by discrediting blockchain developers. At the same time, these regulators are attacking legitimate businesses under the guise of air cover.

Hoskinson mentioned a recent bill presented in Illinois that can become Digital Property Protection and Enforcement Act if passed. Law expert Drew Hinkes examined the bill and shared that it has the potential to exile node operators, miners, and validators based on idealistic business practices.

Hoskinon claimed that such regulatory developments are the reason that cryptocurrency firms may not find the USA conducive for their operations in the future.

He retraced the current regulatory panic with the catastrophic collapse of the FTX exchange. It is important to note that the FTX founder was working closely with SEC Chief when the firm collapsed.

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