Charles Hoskinson, co-founder of Ethereum and Cardano blockchains, has expressed concerns about the new decentralized finance (DeFi) platform backed by Donald Trump and his sons. The platform, called World Liberty Financial, aims to provide financial services without the need for intermediaries like banks or exchanges. However, Hoskinson believes that Trump’s involvement could be problematic for the industry due to political polarization. He fears that Democrats may use their power to investigate or regulate the platform, which could have negative consequences for the entire industry.
This development comes as Trump attempts to engage with an industry he previously criticized. In July, he pledged to make the US a “bitcoin superpower” and promised to take action against anti-crypto policies under President Joe Biden and Vice President Kamala Harris. However, Hoskinson doubts that either presidential candidate would effectively support cryptocurrency in the country.
While some influential crypto investors have shown support for Trump’s pro-crypto stance, others are backing Harris. Hoskinson believes that neither candidate fully understands or appreciates the potential of cryptocurrencies.
Hoskinson also expressed concerns about Trump’s ability to deliver on his promises if elected in November. He cited high staff turnover within Trump’s administration as a potential obstacle in developing favorable policies for the crypto industry.
In contrast, Hoskinson praised Singapore as a growing crypto center due to its political neutrality compared to Hong Kong’s absorption into mainland China’s political system. He emphasized Singapore’s opportunity to simplify regulations and embrace decentralized identity systems.
Hoskinson sees significant potential for growth in the US crypto market if legislation is passed to provide clarity and reduce regulatory obstacles. However, he remains cautious about political influences on this emerging industry.
