Charles Hoskinson Criticizes US CLARITY Act as Harmful to Crypto Industry

Cardano's founder, Charles Hoskinson, has voiced strong opposition to the US CLARITY Act, describing it as a harmful piece of legislation for the cryptocurrency sector. According to NS3.AI, Hoskinson argues that the act's classification of all cryptocurrencies as securities could lead to extensive regulation and suppression by the Securities and Exchange Commission (SEC) for an extended period. He highlighted the potential risk for future crypto projects to be categorized as investment contracts under SEC regulations, drawing parallels to the early treatment of XRP and Ethereum.