Charles Hoskinson, the man behind the proof of stake blockchain Cardano, has announced that he would become a single-issue voter during the next election cycle in the United States. The 35-year-old crypto entrepreneur’s comments came in light of a controversial development ahead of last week’s Congressional hearings to discuss digital assets.
Hoskinson took to Twitter earlier today to share a news scoop from Fox journalist Eleanor Terrett:
Become a single issue voter next cycle. That's the only way to stop this madness https://t.co/i2obAVpP7v
— Charles Hoskinson (@IOHK_Charles) May 14, 2023
Terrett reported last week that before the Joint hearing held by the U.S. House Financial Services Committee and the House Agriculture Committee, a memo was circulated among Democratic politicians that participated in the highly anticipated hearing.
The memo reportedly instructed the members of the Financial Services Committee to support the U.S. Securities and Exchange Commission’s (SEC) “total authority over crypto regulation”. The memo also contained several key messages which directed the Democratic committee members to assert that nearly all cryptocurrencies qualify as securities.
The controversial memo also asserted that the issue with the crypto industry isn’t ambiguity, but rather “mass non-compliance”. The language in the memo suggested that Republican committee members who seek budget cuts for financial regulators like the SEC and Commodities and Futures Trading Commission (CFTC), are “not actually serious about protecting investors and should, instead, focus on passing a clean debt ceiling bill, not on pro-crypto legislation.”
The memo gave an insight into the stance of the Biden administration towards digital assets and the broader crypto industry. The crypto community on Twitter took issue with the administration’s attempts to hinder the meaningful dialogue for crypto regulation by encouraging Democratic lawmakers to further the anti-crypto agenda.
According to Charles Hoskinson, becoming a single-issue voter is the only way to counter the administration’s hostile stance on crypto, which the Cardano founder described as madness. A single-issue voter bases their votes on a party’s stance regarding a single issue, which in this case would be pro-crypto regulation. Hoskinson has indicated that he would vote for the candidate with a pro-crypto stance.
