Cardano’s Founder Shares His Perspective
In a recent live broadcast on November 25, Charles Hoskinson, the visionary behind Cardano and CEO of Input Output Global (IOG), expressed significant apprehensions about the Wyoming stablecoin initiative. He highlighted what he sees as procedural irregularities and the unfair sidelining of the Cardano blockchain.
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Initial Optimism and Involvement
Hoskinson began by reminiscing about the enthusiasm that surrounded Wyoming’s legislative decision to pass a cryptocurrency bill nearly two years ago. This bill was meant to pave the way for the state to introduce its own asset-backed stablecoin. “Soon after the conceptual legislation was advanced, numerous individuals within and outside the Wyoming government approached Input Output to seek our input and guidance,” he remarked.
IOG’s Active Participation
Over the last year and a half, IOG actively engaged in the project’s developmental stages. “Our team joined a subcommittee, offering substantial advice over numerous meetings spanning a year and a half,” Hoskinson explained. These discussions addressed critical elements such as issuance protocols, compliance standards, technological specifications, and strategies for competing with established stablecoins like Circle and Tether.
Concerns Over Executive Leadership and Blockchain Selection
However, Hoskinson voiced his dissatisfaction over the appointment of an executive director who, he claims, leaned towards the Ethereum ecosystem, contrary to the bill’s intended purpose. “By statute, this executive director emerged from the Ethereum ecosystem, allegedly with some Polygon background, and advocated for the coin’s initial issuance within the Ethereum ecosystem,” he asserted. This, according to Hoskinson, was against the bill’s authors’ vision, who desired a multi-chain stablecoin originating from Wyoming.
Opaque Selection Process
He criticized the commission’s method for choosing blockchain platforms, describing it as opaque and exclusionary. “They formulated their own criteria, acting as judge, jury, and executioner within a short span through a pre-qualification process,” Hoskinson said. He claimed that Cardano was excluded based on unsubstantiated capabilities, without a chance to prove otherwise. “There was no mechanism for public commentary, no chance for appeals or rebuttals,” he emphasized.
Legal and Fairness Concerns
Hoskinson did not hold back regarding the legality of the commission’s actions. “I believe it’s both illegal and unconstitutional against the state constitution and the good faith of Wyoming’s laws,” he declared. He argued that the process unfairly advantaged other ecosystems, with Wyoming’s government appearing to favor certain winners over others.
Impact on Wyoming’s Crypto-Friendly Image
Highlighting the wider implications, Hoskinson noted that numerous other blockchain platforms faced similar exclusion. “It wasn’t just Cardano; over 29,900 blockchains were also excluded in this pre-qualification process,” he remarked. He expressed concern that such actions could tarnish Wyoming’s reputation as a crypto-friendly state. “For the first time, a state agent made an arbitrary decision to exclude participants,” he said.
Looking Forward and Legal Measures
Looking ahead, the Cardano founder suggested that IOG is exploring all possible avenues, including legal action. “We have many options, and IOG will pursue them at our discretion,” he declared. He mentioned that several Wyoming legislators are “deeply disgruntled and disturbed by this behavior,” contemplating whether the initiative should be repealed or defunded.
Commitment to Wyoming
Despite his frustrations, Hoskinson reaffirmed his dedication to Wyoming and its potential to be a blockchain innovation hub. “I still believe Wyoming is a great place for cryptocurrency businesses,” he said. He emphasized the importance of fair treatment, given IOG’s significant investments in the state. “I hope those investments were wise and that we will be treated fairly under the rule of law,” Hoskinson stated.
Conclusion and Future Prospects
Hoskinson also cautioned that Wyoming risks losing its competitive edge if such practices persist. “If Wyoming wants to retain the crypto businesses housed there, it must ensure there’s a perception of being the best place, with adherence to the rule of law and a government that doesn’t pick winners and losers,” he warned.
Resolving the Issue
Concluding his remarks, Hoskinson expressed optimism for a resolution while remaining steadfast in seeking justice. “We’ll resolve this because it’s just the beginning, not the end,” he asserted. “Remember, I live here. I’m not going anywhere.”
As of this moment, ADA is trading at $1.04.
