- Charles Hoskinson says Trump politicized crypto.
- The TRUMP token fueled meme coin losses and market damage.
- Hoskinson says that bipartisan crypto bills were stalled amid memecoin controversy.
The Cardano blockchain’s founder, Charles Hoskinson, has shared a scathing criticism of US President Donald Trump and his administration. When many believe that the US cryptocurrency industry has seen significant progress after his election victory in 2024, Hoskinson says that Trump has politicized crypto.
According to Charles Hoskinson’s statement, the initial optimism following the Trump win has faded after the launch of the president-linked meme coin. He believes that the TRUMP Coin has damaged investor trust, hindering innovation and slowing crypto regulatory efforts.
How Trump Hurt Crypto? Charles Hoskinson Explains
Many praise US President Donald Trump for transforming the crypto and blockchain industries. The industry has also thanked Trump for helping it escape from the stringent regulatory clutches of former President Joe Biden. But Cardano founder Charles Hoskinson puts forward a contradicting statement, criticizing Trump for allegedly “politicizing” crypto.
As reported by Wu Blockchain in an X post, Charles Hoskinson starkly criticized Donald Trump’s approach to crypto and blockchain. Hoskinson’s criticism mainly focused on Trump’s meme coin launch and related policies. Although he initially agreed to support Trump’s team, he later changed his stance and became openly critical of the president’s crypto-focused actions.
Unveiling the Meme Coin Crash
Significantly, Charles Hoskinson attacked Trump’s meme coin launch, citing its subsequent consequences. The president, as part of his crypto-focused initiatives, launched his own meme token, called the TRUMP coin. Charles Hoskinson noted,
“The very first thing he did is launch Trump Coin and it just felt like the extractiveness has now been institutionalized. The U.S. government is participating in it as opposed to some Pump.Fun person.”
Since its launch in January 2024, TRUMP has declined by more than 80% from its peak. This has caused heavy losses for many investors. He added that the TRUMP token debut has resulted in the launch of multiple meme coins in a short while, bringing a sharp correction across the market. His wife, Trump Melania, has also introduced the MELANIA token.
The Cardano founder also believes that the TRUMP meme coin launch and its collapse have sparked a broader scepticism about meme tokens. He believes that the sector would have seen a better rally if these tokens had not been launched.
Earlier today, Binance founder Changpeng Zhao, who is a vocal advocate of meme tokens, raised his voice against the massive launches of new tokens. In an X post, CZ shared his concerns, stating,
“I am not against meme coins, and I like memes. But if you are going to ape into every meme coin people create based on my random tweets, you are almost guaranteed to lose money. I just tweet as I do, with stupid not-so-funny jokes, not thinking about memes (most of the time).”
Charles Hoskinson also underscores that he is not against meme coins. But he believes that Trump’s politicization of crypto has stalled major regulatory moves. He argues that the GENIUS Act and CLARITY Act would have been passed earlier.
