Cardano’s (ADA) founder calls out regulatory bodies for biased attack on crypto industry

Renowned blockchain developer and Cardano founder Charles Hoskinson has shared his thoughts on the recent regulatory actions against the crypto industry. In response to the introduction of a Senate bill in Illinois called the Digital Property Protection and Law Enforcement Act, Hoskinson labeled it “the most unworkable state law.”

Hoskinson believes that the catalyst for increased regulation in the crypto industry was the collapse of FTX. “The minute it happened, I knew the entire industry was in for a seriously hard time,” he said.

A real nuisance for the crypto industry

Hoskinson also expressed agreement with the theory of Kraken exchange founder Jesse Powell, who argues that regulators have deliberately allowed malicious elements of the system to grow and prosper, ultimately serving the agenda of regulators by providing an excuse to tighten regulation when these bad actors inevitably explode.

Hoskinson’s remarks have raised questions about the existence of a grand anti-crypto conspiracy, with some readers congratulating him for finally waking up to the possibility after his skeptical comments about the SEC v. Ripple case. However, others have pointed out that fair notice was given to many companies that exploded months or years prior to recent events.

As the crypto industry continues to face regulatory scrutiny, Hoskinson’s comments may shed light on the potential motivations behind some of the recent actions taken against it.