Cardano Founder Breaks His Silence On Wyoming Stablecoin

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As a long-time crypto investor and follower of the Cardano project, I find myself deeply troubled by the recent developments surrounding the Wyoming stablecoin project. Having witnessed the growth and evolution of the crypto space firsthand, it’s disheartening to see such blatant misconduct and exclusionary practices being perpetuated in a state that prides itself on being crypto-friendly.

During a live broadcast on November 25th, Charles Hoskinson, founder of Cardano and CEO of Input Output Global (IOG), expressed grave worries about the Wyoming stablecoin initiative. He pointed out potential irregularities in the process and alleged that the Cardano blockchain was unfairly omitted from the project.

Cardano Founder Speaks Out

Hoskinson first spoke about the initial enthusiasm that followed the Wyoming legislature’s approval of a cryptocurrency law approximately two years ago, which intended to allow the state to launch its own stablecoin backed by assets. “As soon as this bill serving as a proof of concept was proposed, numerous individuals within and outside of the Wyoming government contacted Input Output for their guidance and recommendations on how we preferred to collaborate with the government,” he explained.

For the past year and a half, IOG has been deeply involved in the project’s developmental stage. As Hoskinson shared, they actively joined the subcommittee and offered substantial guidance on various topics over numerous meetings during this period. The discussions encompassed crucial matters like the implementation and redemption procedures, adherence to regulations, technological requirements, and strategies for outperforming established stablecoins such as Circle and Tether in areas like issuance and competition.

Despite Hoskinson’s objections, the chosen executive director appeared to support the Ethereum ecosystem instead of the intended purpose of the bill. He stated that the executive director had a history in Polygon and from the onset made remarks suggesting that the coin should initially be launched within the Ethereum ecosystem. This directly contradicted the intentions of the bill’s authors who aimed for the Wyoming-based stablecoin to be compatible with multiple chains, not just Ethereum.

He criticized the commission’s process for selecting blockchain platforms, which he described as opaque and exclusionary. “They decided to create their own criteria and act as judge, jury, and executioner in a very short period of time through a pre-qualification process,” Hoskinson said. He claimed that Cardano was excluded based on assertions that it lacked certain capabilities, without being given the opportunity to demonstrate otherwise. “There was no opportunity for public comment, there was no opportunity for appeals, rebuttal,” he emphasized.

Charles Hoskinson spoke frankly about the commission’s actions, saying, “I believe those actions are not only illegal but also unconstitutional, violating both the state constitution and the honest intent of its laws.” He contended that the process unfairly favored other ecosystems by providing an “unfair competitive advantage,” and accused the Wyoming government of acting as a judge in determining winners and losers.

In essence, Hoskinson emphasized that Cardano wasn’t the only platform excluded during this pre-qualification process; a significant number of over 29,900 other blockchain platforms also faced exclusion. He voiced worry that these actions might tarnish Wyoming’s standing as a state supportive of cryptocurrency, stating that it represented an unprecedented instance where a state agent made a seemingly arbitrary and unfair decision to exclude participants from the process.

In the future, the founder of Cardano hinted that IOG is examining all possible avenues, including potential lawsuits. “As we progress, there are numerous possibilities, and we at IOG will take action on them—choices within our discretion,” he stated. He also mentioned that several Wyoming legislators are “extremely unhappy and concerned by this conduct,” and are pondering whether the project should be abolished or deprived of funding.

Despite his frustrations, Hoskinson reaffirmed his commitment to Wyoming and its potential as a hub for blockchain innovation. “I do believe that Wyoming is still a great place to form a cryptocurrency business, and I do believe that there are many people who are very well-intended,” he said. He stressed the importance of fair treatment, especially given IOG’s significant investments in the state. “I’d like to believe that those investments were wise and that we will be treated fairly and rule of law prevails,” Hoskinson stated.

Additionally, he urged caution, stating that Wyoming could potentially forfeit its advantage in attracting crypto businesses if these practices persist. He suggested that to maintain their competitive edge, Wyoming should strive to uphold a reputation as the top destination, emphasizing strict adherence to legal principles and a government that avoids favoritism towards specific companies or industries. The Cardano founder expressed this concern.

Wrapping up his speech, Hoskinson expressed optimism for a resolution but stood steadfast on seeking justice. “We’ll work things out and find a solution because this is only the start; far from over, it’s just the beginning,” he emphasized. “Always keep in mind, I have roots there. I won’t back down.

At press time, ADA traded at $1.04.

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2024-11-25 10:41