The real reason behind the crypto heat according to Cardano co-founder money moguls

  • The Cardano co-creator said that the failure of FTX was the real reason behind the heat in the crypto industry.
  • The Kraken co-founder said the regulator deliberately ignores bad actors like FTX because it serves their broader agenda.

Cardano co-creator Charles Hoskinson has been vocal about recent regulatory actions against the crypto industry. The occasion for Hoskinson’s comments was the introduction of the Digital Asset Protection and Law Enforcement Act, a Senate bill in Illinois that has already been called the least practical state law.

When asked what is driving the increased regulation of the cryptocurrency industry, the Cardano co-creator stated unequivocally that it was the failure of FTX. he tweeted,

“The moment it happened, I knew that the entire industry was in for some very difficult times.”

Hoskinson Agrees With Kraken Co-Founder About Bad Crypto Actors

In addition, Hoskinson agreed with Jesse Powell, co-founder and former CEO of Kraken, who said the regulator deliberately ignores bad actors like FTX because it serves its broader agenda. Kraken was recently ordered to pay a $30 million fine to settle charges brought by the US Securities and Exchange Commission (SEC).

Powell emphasized the sequence of events that resulted in widespread destruction of capital in the crypto industry. This creates a lack of trust among investors and discourages adoption. Regulators are finally getting air cover to attack entities that many crypto giants consider to be the good guys.

Hoskinson suggested that Powell’s assessment is becoming more credible, as most companies that imploded months before the events were given fair warning. Several observers reminded Hoskinson that he was finally able to arouse suspicion in him about the angle of the conspiracy. SEC vs Ripple Case.

Blockchain advocate Andrew Hinkes also expressed his dissatisfaction with the development. He said on Twitter that the Illinois Senate bill would have a negative impact on blockchain progress in the country. He said the bill did not protect validators, miners, and node operators.

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