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Highlights
- Charles Hoskinson has reiterated his support for Donald Trump again
- He believes Gary Gensler might get rewarded if Kamala Harris wins
- The conversation against the US SEC's unfair regulatory crackdown resurfaced against after Crypto.com sued the agency
Speaking on the recent Crypto Com lawsuit against the US SEC, Cardano Founder Charles Hoskinson has used the new trend to promote Donald Trump over Kamala Harris. The Cardano innovator pointed to the US SEC’s contradictory regulation of the digital asset industry.
Crypto.com vs. SEC Case and How Donald Trump Can Help
Hoskinson’s statement came as a response to FOX Business journalist Eleanor Terrett’s post about Crypto.com suing the SEC.
The crypto exchange argued that the agency is overstepping its jurisdiction by regulating the crypto industry. Noteworthy, the regulator first went after Crypto.com by issuing it a Wells Notice. The regulator claimed that the assets traded on its platform qualifies as securities.
Before Charles Hoskinson highlighted it, the topic of the SEC’s contradictory regulation has surfaced severally amongst crypto players. Even in the SEC vs Coinbase case, there seem to be a contradiction with interpretation of the Howey Test. As a result, the American cryptocurrency exchange has reinforced its interlocutory appeal with the court on the matter.
Considering how much these crypto platforms desire a clearer regulatory framework, it is only natural that they tilt towards a pro-crypto leader. In his X post, Hoskinson sarcastically implied that another four years for Kamala Harris with Gensler as Chair “should definitely improve this situation.”
With plans to make him Treasury Secretary surfacing sometime, Hoskinson voiced the clear stance between Harris and Donald Trump. The Cardano founder said “team red seems the most all-in on crypto, since Trump has created his own crypto projects” making him a better fit.
This stance is quite evident in the volume of support that Trump is receiving over his DNC opponent. Polymarket bettors are favoring Trump and his wining odds are still leading at 52.4%. Similarly, crypto leaders are donating their assets to ensure the Republican presidential candidate sits in the White House again.
Fate of SEC Chair
During the Bitcoin Conference 2024 in Nashville, Donald Trump announced his plan to fire SEC Chair Gary Gensler on his first day in office. Although he was very particular about the US SEC criticism towards Bitcoin, Trump vowed to end the “anti-crypto crusade” of the agency. Also, he promised to halt the “persecution and weaponization” against digital assets.
As the reality of this possibility draws closer, conversations are beginning to take place about a potential replacement for the SEC chief. Several hands are pointing towards Robinhood CLO Dan Gallagher. A few entities have cited his previous role as an SEC Commissioner, his current postion in Robinhood and his legal expertise.
They believe Gallagher will be a good fit and could eventually take the crypto industry to greater heights, especially in terms of regulation.
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