As part of his plan, Charles Hoskinson's company, IOHK, will staff a policy office in Washington by January 2025. (Photo By Piaras Ó Mídheach/Getty Images)
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Key Takeaways
Charles Hoskinson plans to open a policy office in Washington, D.C., to push for pro-crypto regulations.
Hoskinson aims to work closely with the Trump administration to shape crypto policy.
Critics accuse Hoskinson of seeking to become a crypto policy lobbyist.
In the wake of Donald Trump’s presidential election victory, Cardano founder Charles Hoskinson has announced plans to open a policy office in Washington, D.C., to shape the direction of crypto regulation in the United States.
Hoskinson, who has often been at odds with other players in the crypto industry, says he wants to work closely with the Trump administration to promote pro-crypto policies that benefit the American people.
In a social media post on Nov. 10, Hoskinson lamented that companies like BlackRock are currently driving crypto policy when it should be the American people, the crypto industry, and well-meaning lawmakers who have a greater say.
With Republicans likely to control the Senate, presidency, and House of Representatives, Hoskinson believes that now is the ideal time to engage with lawmakers and shape policy.
As part of his plan, Hoskinson’s company, IOHK, will staff a policy office in Washington by January 2025, when Trump takes office.
Many crypto community members, particularly Bitcoin supporters, have expressed skepticism and even outrage over Hoskinson’s announcement.
Critics accuse Hoskinson of seeking to become a crypto policy lobbyist rather than a genuine industry representative.
Some have also taken issue with Hoskinson’s past behavior, which has been marked by erratic comments and criticisms of rival projects, including the Bitcoin ecosystem.
“Hoskinson demonstrates time and time again that he is a narcissistic psychopath,” tweeted one user. “For the sake of four industries, we need a different crypto OG to fill this void in the U.S. government.”
ADA price soars 30%. Source: CoinMarketCap.
Despite the backlash, Hoskinson’s announcement has had an immediate impact on the crypto market.
The price of Cardano’s ADA token surged over 30% in the 24-hour period following the news, reaching a multi-month high of over $0.6.
