ADA Founder Says SEC Would Have ‘Danced on Bankrupt Graves’ of Crypto Projects if They Won

In a powerful statement, Charles Hoskinson, co-founder of the Cardano blockchain, declared that the “war on digital assets” in the U.S. has officially ended. Hoskinson’s remarks come after years of intense regulatory scrutiny on the crypto industry, with government agencies like the SEC launching numerous lawsuits and investigations against major cryptocurrency firms.

Hoskinson criticized the SEC’s aggressive stance, stating that the regulator had branded the entire industry as criminal, suing companies from the largest firms to the smallest projects, costing the sector hundreds of millions of dollars in legal fees and wiping out billions in market cap. He also pointed out the hypocrisy of federal employees who, according to him, take no accountability for the damage caused by their actions and yet play the victim when faced with the consequences.

“The SEC goes after our industry, makes us all criminals, and then cries foul when the industry strikes back,” Hoskinson said. He went on to call out what he described as “unelected, career federal employees” who have inflicted significant harm on the crypto sector, saying that those in charge of such actions lacked moral character.

Hoskinson’s remarks were particularly pointed toward SEC Chairman Gary Gensler, whose leadership has been central to the Commission’s enforcement actions. Hoskinson’s comments come after reports suggesting that some SEC staff members are facing backlash, with law firms refusing to interview them due to their work with crypto. William McLucas, a former SEC official, criticized these attacks, saying it’s unfair to target staff members who are just doing their jobs.

“We will never forget or forgive as an industry because we know what would have happened if the other side won. They would have danced on the bankrupt graves of all of our projects and used it to gain promotions and higher office,” he said.