Cardano founder Charles Hoskinson is no longer holding back when it comes to the Trump administration’s handling of crypto policy.
In a pointed interview aired Sunday on The Wolf of All Streets Podcast, Hoskinson warned that failure to pass a long-awaited crypto market structure bill this quarter would represent a clear failure of White House crypto leadership — and should cost the administration its crypto czar.
“If it doesn’t pass this quarter, I think David Sacks should resign,” Hoskinson said. “He’s utterly failed us as an industry. If you’re the czar and you’re in charge of this whole thing, I’ve got to judge you by your track record.”
Targeting the White House crypto czar
Hoskinson’s remarks were aimed squarely at David Sacks, the venture capitalist appointed by President Donald Trump in December 2024 to oversee AI and cryptocurrency policy.
At the center of Hoskinson’s frustration is the stalled U.S. Digital Asset Market Clarity Act, a bill widely seen as essential for defining how cryptocurrencies are regulated in the United States. Hoskinson questioned whether the legislation would pass in the first quarter, saying continued delays risk squandering what little bipartisan momentum remains.
‘Catastrophic’ Trump memecoin fallout
Hoskinson also took aim at the launch of the Official Trump (TRUMP) memecoin, calling it “catastrophic” for the crypto industry. He faulted Sacks for failing to prevent Trump-linked crypto ventures from muddying the political waters just as lawmakers were negotiating sensitive legislation.
“The problem is Trump’s name’s on it,” Hoskinson said. “So it’s really hard to run away from it and say he had nothing to do with it.”
He warned that Democrats could seize on the episode ahead of the midterm elections, using it to justify an explicitly anti-crypto platform and stall future regulatory progress.
From Trump ally to skeptic
Hoskinson’s criticism marks a notable shift. Once a vocal Trump supporter ahead of the 2024 election — after accusing the Biden administration of undermining the crypto sector — he has grown increasingly skeptical during Trump’s second term.
Ironically, Trump later floated Cardano and its native token ADA as potential components of a U.S. cryptocurrency reserve. But Hoskinson noted that crypto markets have broadly suffered since Trump returned to office.
Cardano itself is down nearly 60% over the past year, mirroring a broader slump across digital assets.
A broader crypto reckoning
Hoskinson has claimed personal losses exceeding $2.5 billion over four years, blaming heavy government involvement for flipping market sentiment from bullish to bearish. And he’s far from alone.
While the administration has touted pro-crypto executive orders and some regulatory rollbacks, those efforts have been overshadowed by volatility and political chaos. Trump’s trade war rhetoric and a surprise software tariff helped erase nearly $1 trillion in crypto market value, triggering sharp Bitcoin sell-offs and widespread liquidations.
Trump-branded crypto ventures — including World Liberty Financial and the TRUMP memecoin — have further inflamed tensions on Capitol Hill, effectively freezing bipartisan stablecoin legislation. Even the much-hyped Strategic Bitcoin Reserve fell flat after it emerged that it would be funded with seized assets rather than new government purchases.
Despite crypto-friendly appointments like SEC Chair Paul Atkins, insiders describe the first year of Trump’s second term as turbulent and increasingly unpopular with an industry that once embraced it.
For Hoskinson, the message is now clear: deliver regulatory clarity — or step aside.
