David Sachs should resign as White House cryptocurrency advisor due to a "complete failure," according to Cardano founder Charles Hoskinson. He made this statement on The Wolf of All Streets podcast.
According to the developer, since Sachs was appointed "crypto czar" at the end of 2024, the industry has not seen the expected progress. Hoskinson emphasized that the market decline continues, regulatory uncertainty remains, and a solid foundation for developing new projects is lacking.
"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 [U.S. President Donald Trump] took office. This indicates an unhealthy state of the industry," he said.
If the Clarity Act fails to pass in the first quarter of this year, Sachs should resign, noted the founder of Cardano. If the Democrats regain control of the House of Representatives in the midterm elections in November, the "window of opportunity" for advancing the bill will be lost.
"I actually don't believe that Clarity will pass in the current quarter," he added.
Hoskinson also criticized the Genius Act, passed in 2025. In his view, the legislation protects the interests of large financial institutions rather than ordinary investors.
"[The Genius Act] centralizes the entire industry around BlackRock, Cantor, Goldman Sachs, Morgan Stanley, and other giants," he stated, emphasizing that the bill essentially "handed Wall Street the keys to the crypto kingdom."
The Cardano founder has repeatedly commented on Trump's influence on the digital asset industry. Previously, he stated that the president's administration has been "somewhat useless" for the market.
Hoskinson believes that the politician has jeopardized the integrity of the entire sector by launching a controversial meme coin.
"When the 'Trump coin' appeared, everything shifted from 'cryptocurrency outside of politics' to the formula 'cryptocurrency = Trump = bad = corruption,'" the developer noted.
SEC's Opinion
SEC Chairman Paul Atkins is confident that Trump will sign the cryptocurrency market structure bill by the end of the year.
"The document fully aligns with the president's goal of making America the global crypto capital. Clear laws and transparent rules create the certainty that the market needs," he said in an interview with Fox Business.
Recently, the U.S. Senate Agriculture Committee, which oversees the CFTC, postponed the final consideration of the bill until the end of January. The regulator explained that it needs more time to work out the details.
The meeting was originally scheduled for January 15—simultaneously with the consideration of the same document in the Senate Banking Committee.
Recall that in December, experts assessed the impact of the Clarity Act on Bitcoin's dynamics.