Renowned blockchain developer and Cardano creator Charles Hoskinson has shared his views on recent regulatory actions against the crypto industry. The occasion for Hoskinson's remarks was the introduction of a Senate bill in Illinois called the Digital Property Protection and Law Enforcement Act, which has already been dubbed "the most unworkable state law."
When asked what the catalyst was for increased regulation of the crypto industry, Cardano's creator stated unequivocally that it was the collapse of FTX. "The minute it happened, I knew the entire industry was in for a seriously hard time," he concluded.
Grand anti-crypto conspiracy?
Hoskinson also agreed with the theory of Kraken exchange founder Jesse Powell that regulators have deliberately allowed malicious elements of the system, like FTX or Three Arrows Capital, to grow and prosper. According to Powell, such bad actors serve the agenda of regulators by proving the unreliability and danger of the crypto industry, so they are allowed to become huge. When they explode, they give an excuse to tighten regulation, he summed up.
Hoskinson observed that this statement was starting to seem plausible, when fair notice was given for many companies that exploded months or years prior to recent events. At the same time, readers were quick to remind the entrepreneur of his skeptical remarks about the conspiracy in the SEC v. Ripple case, congratulating him for finally waking up.