Cardano founder criticizes design flaws in the CLARITY Act

Cardano founder Charles Hoskinson warns that the proposed US digital asset market CLARITY Act may take more than a decade to implement, and could be exploited due to shifts in political power. He believes the bill is complex in its design and focuses solely on the US, neglecting the global regulatory framework, which could result in new projects being defaulted as securities while favoring existing tokens such as Cardano, XRP, and Ethereum. He also points out that after the FTX incident, the US political climate has become increasingly hostile towards cryptocurrencies, and the industry may face prolonged uncertainty.