Cardano creator blames Trump for damage to cryptocurrency industry
The creator of Cardano (ADA) has expressed his opinion that the cryptocurrency industry has been negatively impacted by the actions of US President Donald Trump. Despite a common belief within the crypto community that Trump’s presidency was beneficial for digital assets and resulted in a relaxation of regulations on virtual currencies, Hoskinson disagrees. The official declaration by White House Press Secretary Caroline Leavitt that the war on cryptocurrencies initiated by former President Joe Biden has ended did not convince Hoskinson of the positive effects of Trump’s leadership.
In a recent interview, Hoskinson pointed out that the introduction of the Trump memecoin changed the perception of cryptocurrency from being supported by both major US political parties to being associated with corruption and negativity due to Trump. This shift in narrative has been a central theme throughout the lead-up to the 2026 midterm elections, according to Hoskinson. He also criticized prominent figures in the crypto industry for remaining silent on Trump’s damaging impact, attributing their reluctance to speak out to personal interests and the desire to maintain access to the president and involvement in the legislative process.
Furthermore, Hoskinson suggested that the situation could improve once power shifts to the Democratic Party, implying that individuals in the industry were advised to stay quiet about the negative consequences of Trump’s policies in order to avoid losing privileges such as access to influential decision-makers and opportunities to participate in shaping legislation.
Overall, Hoskinson’s perspective challenges the widely held belief that Trump’s presidency was favorable for the cryptocurrency industry and raises concerns about the potential long-term implications of his leadership on digital assets. By highlighting the negative consequences and changing narratives associated with Trump’s involvement in the crypto space, Hoskinson urges greater transparency and discourse within the industry to address the challenges posed by political influences on the development and regulation of cryptocurrencies.
