Cardano founder Charles Hoskinson has leveraged a lawsuit against the U.S. Securities and Exchange Commission (SEC) to highlight his support for Donald Trump over Kamala Harris in the upcoming U.S. election, due to Hoskinson’s bold attitudes towards the SEC’s decision to appeal the Ripple ruling.
As CNF recently highlighted, Hoskinson suggested a potential shift in legal frameworks governing cryptocurrencies with the focus shifting from the Howey Test to the “Ripple Test.” He pointed out the inconsistency in the SEC’s regulation of the digital asset industry, a topic that has stirred significant debate in the crypto community. Hoskinson’s remarks came in response to a post by FOX Business journalist Eleanor Terrett, who reported on Crypto.com’s lawsuit against the SEC.
At the moment, we have also learned that the crypto exchange argued that the SEC is overstepping its boundaries, particularly after issuing a Wells Notice accusing the platform of trading securities. The issue of contradictory regulation is not new; similar concerns have surfaced in the ongoing SEC vs. Coinbase case, where the interpretation of the Howey Test has also come under scrutiny.
Trump’s Potential Impact on the SEC and Crypto Regulation
In a sarcastic post on X, Hoskinson implied that a continuation of Kamala Harris’s leadership, with SEC Chair Gary Gensler in place, would not improve the regulatory situation for the crypto industry.
He contrasted this with Trump, who has shown a strong pro-crypto stance, even launching his own crypto projects. According to Hoskinson, “team red” (the Republican Party) appears more favorable to the crypto space.
Hoskinson’s stance mirrors growing support for Trump among crypto enthusiasts. Betting markets like Polymarket show Trump’s odds of winning at 52.4%, and many in the crypto industry are contributing to his campaign, hoping to see his return to the White House. Trump has made it clear that, if elected, he plans to fire Gensler on his first day in office and end the SEC’s “anti-crypto crusade.”
As of today, Cardano (ADA) is trading at $0.3457 with a decrease of 2.53% in the past day and 3.54% in the past week.
While the Cardano founder hints at Trump’s crypto edge over Kamala Harris with a Gensler analogy, discussions about a potential replacement for Gensler have already begun, with Robinhood’s Chief Legal Officer Dan Gallagher emerging as a possible candidate due to his past experience as an SEC Commissioner and expertise in the legal and regulatory space.