- Hoskinson is using a lawsuit to highlight Trump’s favorable crypto policies compared to Harris, suggesting he could influence future SEC decisions.
- The crypto community favors Trump for his pro-crypto stance, as shown by betting odds and market support, awaiting beneficial regulatory changes.
Cardano founder Charles Hoskinson took advantage of a lawsuit against the US Securities and Exchange Commission (SEC) to highlight his support for Donald Trump over Kamala Harris in the upcoming US elections, due to the Hoskinson’s bold attitude towards the SEC’s decision to appeal the Ripple decision.
As the CNF recently highlighted, Hoskinson suggested a potential shift in the legal frameworks governing cryptocurrencies, with the focus shifting from the Howey test to the “ripple test.” He highlighted the inconsistency in the SEC’s regulation of the digital assets sector, a topic that has sparked significant debate within the crypto community. Hoskinson’s remarks follow an article by FOX Business reporter Eleanor Terrett who reported on Crypto.com’s lawsuit against the SEC.
Currently, we have also learned that the crypto exchange has argued that the SEC is overstepping its bounds, particularly after issuing a Wells notice accusing the platform of trading securities. The issue of conflicting regulations is not new; Similar concerns have surfaced in the ongoing SEC v. Coinbase case, where the interpretation of the Howey test has also come under scrutiny.
Trump’s Potential Impact on the SEC and Crypto Regulation
In a sarcastic article on
He compared this to Trump, who has shown a strong pro-crypto stance, even launching his own crypto projects. According to Hoskinson, the “red team” (the Republican Party) seems more supportive of the crypto space.
Hoskinson’s stance reflects the growing support for Trump among crypto enthusiasts. Betting markets like Polymarket show that Trump’s chances of victory are 52.4%, and many in the crypto industry are contributing to his campaign, hoping to see his return to the White House. Trump has made it clear that, if elected, he plans to fire Gensler on his first day in office and end the SEC’s “anti-crypto crusade.”
As of today, Cardano (ADA) is trading at $0.3457 with a decrease in 2.53% during the last day and 3.54% last week.
As Cardano founder hints at Trump’s crypto advantage over Kamala Harris with Gensler analogy, discussions over a potential Gensler replacement have already begun, with Robinhood chief legal officer Dan Gallagher emerging as a possible candidate due to his past experience as an SEC Commissioner and expertise in the legal and regulatory field.
