Cardano founder calls US crypto bill terrible

Cardano founder Charles Hoskinson has argued that the U.S. Clarity for Digital Assets Act (CLARITY Act) is a terrible bill that would classify all cryptocurrencies as securities and empower the Securities and Exchange Commission (SEC) to suppress the industry for years. Speaking on his YouTube channel, he stated that the act adopts a structure that treats new cryptocurrencies as securities by default, creating a regulatory environment favorable to the SEC, CryptoPotato reported. Hoskinson pointed out that all future projects, much like XRP and ETH in their early days, would likely be classified as investment contract assets under the SEC's jurisdiction. He warned that this could be weaponized in future rulemaking and that the current bill fails to address the industry's core issues.