Cardano Founder Charles Hoskinson Slams Trump Administration’s Crypto Strategy, Calls for David Sacks’ Resignation
Cardano founder Charles Hoskinson sharply criticized the Trump administration’s handling of cryptocurrency policy in an interview aired Sunday, directing particular blame at White House AI and Crypto Czar David Sacks.
Speaking on The Wolf of All Streets Podcast, Hoskinson warned that failure to pass a long-awaited crypto market structure bill this quarter would represent a clear failure of leadership.
“If it doesn’t pass this quarter, I think David Sacks should resign,” Hoskinson said. “He’s utterly failed us as an industry. If you’re the czar and you’re in charge of this whole thing, I’ve got to judge you by your track record.”
The legislation in question, commonly referred to as the U.S. Digital Asset Market Clarity Act, is intended to define regulatory authority over digital assets and provide long-sought legal certainty for the crypto sector.
Criticism of Trump-linked memecoin
Hoskinson also took aim at the launch of the Official Trump (TRUMP) memecoin, calling it “catastrophic” for the crypto industry and arguing that it has complicated legislative efforts.
He faulted Sacks for failing to distance the administration from Trump-affiliated crypto ventures, warning that the episode could be weaponized politically.
“And the problem is Trump’s name’s on it,” Hoskinson said. “So it’s really hard to run away from it and say he had nothing to do with it.”
Hoskinson cautioned that Democrats could use the controversy to justify an explicitly anti-crypto stance in upcoming midterm elections.
From supporter to skeptic
Once a vocal supporter of Donald Trump ahead of the 2024 election—after accusing the Biden administration of stifling the crypto industry—Hoskinson has since grown more skeptical of Trump’s second term.
Although Trump later mentioned ADA, Cardano’s native token, as a possible component of a future U.S. cryptocurrency reserve, Hoskinson noted that most major cryptocurrencies have declined sharply since Trump returned to office.
Cardano, for example, is down nearly 60% over the past year, according to market data.
Hoskinson also claimed he personally lost more than $2.5 billion over four years, blaming increased government intervention for reversing what had previously been a bullish market environment.
Industry frustration grows
Hoskinson’s remarks echo a broader sentiment of frustration across the crypto industry. While the Trump administration issued several pro-crypto executive orders and rolled back certain regulations, those moves have been overshadowed by market volatility and political controversy.
Trump’s trade policies, including proposed software tariffs, contributed to sharp market declines that wiped out nearly $1 trillion in crypto market value, triggering large-scale liquidations. Meanwhile, Trump-branded crypto initiatives—such as World Liberty Financial and the TRUMP memecoin—have drawn scrutiny from lawmakers and stalled bipartisan efforts on stablecoin legislation.
Even the administration’s much-publicized Strategic Bitcoin Reserve disappointed markets after it was revealed the reserve would rely on seized assets rather than new government purchases.
Despite the appointment of crypto-friendly figures like SEC Chair Paul Atkins, industry insiders increasingly describe Trump’s second term as volatile and politically damaging for digital assets—marking a sharp turn from the optimism that greeted his return to office.
