‘American Crypto’ Doesn’t Exist, Cardano Founder Says

Cardano founder Charles Hoskinson said he doubts the US Digital Asset Market Clarity Act will pass this quarter and called on President Donald Trump’s crypto adviser, David Sacks, to resign.

Hoskinson the US approach to regulating crypto in an interview on Sunday with Bitcoin () enthusiast Scott Melker on The Wolf of All Streets Podcast.

“I don’t think the CLARITY Act is going to pass this quarter,” Hoskinson said, warning that if Democrats regain control of the US House of Representatives in November’s midterm elections, the current window to pass the bill could be lost.

“If it doesn’t pass this quarter, I think Sacks should resign,” he added, blaming Sacks for “utterly failing” the crypto industry since in late 2024.

Senate committees to vote on CLARITY Act on Thursday

in May 2025, the cleared both the House Financial Services Committee and the House Agriculture Committee with bipartisan support.

It seeks to clarify the roles of the Securities and Exchange Commission and the Commodities Futures Trading Commission in regulating cryptocurrencies, and to provide guidance on different types of tokens.

The Senate Agriculture and Banking Committees are , in a potential milestone for the US crypto industry.

In expressing doubts over the bill’s passage, Hoskinson said Sacks had “failed” the industry in three areas, including falling prices, lack of regulatory clarity and the absence of a strong foundation for building projects.

“If you’re the czar and you’re in charge of this whole thing, I got to judge you by your track record. Most cryptos are down 40 to 50% since Trump took office. So the industry is unhealthy,” he said.

From Trumpcoin to GENIUS Act, Hoskinson says US crypto policy is failing

Expanding on the industry’s struggles, Hoskinson also argued that other bills, such as the , favor large financial institutions over retail investors.

“It [GENIUS Act] centralizes the industry around BlackRock, Cantor, Goldman Sachs, and Morgan Stanley and all these big guys,” he said, adding that the bill essentially “handed Wall Street the keys to the crypto kingdom.”

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Addressing Trump’s approach to crypto, including the , Hoskinson urged the US not to favor or nationalize cryptocurrency, warning it should remain a global, neutral product:

“There’s no such thing as an American crypto. You can have American cryptocurrency companies, but you can’t have American cryptocurrency protocols. That doesn’t make sense.”

Hoskinson said crypto laws should be passed carefully, with the industry united and the US government working alongside it rather than rushing for partisan gain.

“Even if it takes longer to get done, the goal should be to pass rules that last and don’t harm innovation,” he said.

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