Charles Hoskinson demands the resignation of David Sachs, citing failures in cryptocurrency policy and market decline under his watch.
Charles Hoskinson, the founder of Cardano, has called for the resignation of David Sachs, the White House cryptocurrency advisor, citing his "complete failure" in the role. During an appearance on The Wolf of All Streets podcast, Hoskinson expressed his discontent with Sachs' tenure since his appointment as the "crypto czar" in late 2024.
Hoskinson pointed out that the cryptocurrency sector has experienced significant setbacks under Sachs' leadership, highlighting ongoing market declines and a lack of clarity in regulatory frameworks. He stated, "If you are appointed as the 'czar' and are responsible for this direction, I will judge by the results. Most crypto assets have lost between 40% and 50% of their value since President Trump took office. This indicates an unhealthy state of the industry."
The Cardano founder further emphasized that if the Clarity Act does not pass in the first quarter of the year, Sachs should step down. He warned that the midterm elections in November could diminish the chances of the legislation's advancement if the Democrats regain control of the House.
Additionally, Hoskinson criticized the Genius Act, passed in 2025, claiming it favors large financial institutions over individual investors. He argued, "[The Genius Act] centralizes the entire industry around major players like BlackRock and Goldman Sachs, essentially giving Wall Street control over the crypto space."
Hoskinson has been vocal about Trump's impact on the digital asset landscape, previously labeling his administration as "somewhat useless" to the market. He believes that the introduction of a controversial meme coin associated with Trump has harmed the sector's reputation, stating, "When the 'Trump coin' appeared, it shifted the perception to 'cryptocurrency = Trump = bad = corruption.'"
Regulatory Outlook
Meanwhile, SEC Chairman Paul Atkins remains optimistic, asserting that Trump will likely sign the cryptocurrency market structure bill by year-end. In an interview with Fox Business, he noted that the legislation aligns with the president's ambitions for the U.S. to become the global hub for cryptocurrency, emphasizing the need for clear regulations.
However, the U.S. Senate Agriculture Committee has postponed the bill’s final review until late January, citing the need for more detailed discussions. Initially set for consideration on January 15 alongside another committee's review, this delay adds uncertainty to the legislative timeline.
