US Officials could be sabotaging crypto industry- Charles Hoskinson
Cardano (ADA) founder Charles Hoskinson is concerned about how American authorities are treating the crypto market.
In response to Kraken creator Jesse Powell's tweet suggesting that authorities intentionally allowed "bad actors" to prosper in order to achieve their goals, Hoskinson thinks the notion is "beginning to feel" realistic.
"To be honest, it's beginning to feel like this is correct. Many of the corporations that imploded were given ample warning months, if not years, before the events."
According to Powell, regulators have permitted bad actors to grow large because it fits their purpose.
"Here's my theory:
Regulators allow bad people to grow and explode because it supports their purpose.
destroy capital/resources in the cryptocurrency ecosystem
burn people, discourage adoption, and provide air cover for attacks on good actors
The bad guys are on-side. "The adversary is the good folks," said Powell.
Powell goes on to suggest that bad actors in the crypto world have a competitive advantage that good actors do not.
"If the bad guys can run long enough without blowing up, they could just kill the good guys for you.
The bad guys have a big competitive advantage. They siphon off users, money, and venture funding that would have otherwise gone to the good people.
Bad actors can always be jailed later."
Hoskinson adds in another tweet that a measure presented in the state of Illinois that, if enacted, will become the Digital Property Protection and Law Enforcement Act is an example of why the US is now unattractive to the digital asset market.
The Illinois bill, according to legal expert Drew Hinkes, is anti-crypto and would "push out blockchain node operators, miners, and validators, squander court resources, and complicate existing law in a quixotic attempt to safeguard Illinois consumers."
Hoskinson goes on to say that the hatred directed at the crypto business in the United States was precipitated by the demise of FTX.
According to Cardano's founder, when FTX went bankrupt,
"The FTX collapse. I knew the entire industry was in for a tough time the moment it happened."
