Charles Hoskinson doubts CLARITY Act progress, urges Trump’s crypto czar to step down

Cardano founder Charles Hoskinson expressed his doubts on Sunday regarding the timeline of the U.S. Digital Asset Market CLARITY Act. He also called for the resignation of President Donald Trump’s crypto czar, David Sacks. 

The crypto mogul argued that Sacks will not be able to pass the digital asset legislation by the first quarter of 2026. He also believes that the bill will be impossible to pass if Democrats regain control of the U.S. House of Representatives in November’s midterm elections.

Hoskinson believes U.S. crypto policy is failing

Hoskinson said in an interview with crypto enthusiast Scott Melker on The Wolf of All Street that the Trump administration’s crypto advisor has failed the crypto industry. He argued that Sacks has nothing to show for his position as crypto czar since taking on the role in late 2024.

The founder of Cardano argued that Sacks had failed the crypto industry due to falling crypto prices and the lack of regulatory clarity. He also stated that the crypto czar has failed to establish a strong foundation for building projects in the industry.

Hoskinson argued that he was judging Sacks based on his track record since he is the one in charge of the crypto industry. He noted that most digital assets have dropped by 40%-50% since Trump resumed office in January 2025. He maintained that the falling prices prove that the crypto industry is unhealthy.

The CLARITY Act was introduced in May 2025 and passed the House Financial Services Committee and the House Agriculture Committee with bipartisan support. The legislation aims to clarify crypto regulation under the Securities and Exchange Commission and the Commodities Futures Trading Commission. The bill also seeks to guide the crypto industry on the different types of digital assets.

The crypto industry is bracing for the upcoming vote on the bill by the Senate Agriculture and Banking Committees on Thursday. The vote will determine the way forward for the CLARITY Act implementation in the industry.

Hoskinson also believes that U.S. crypto policy is failing due to other bills, such as the stablecoin-related GENIUS Act. He argued that the legislation only favors large financial institutions over retail investors. 

The crypto mogul noted that the legislation is centralizing the crypto industry around big firms, including BlackRock, Cantor, Goldman Sachs, and Morgan Stanley. He stated that the Trump administration’s bill essentially handed Wall Street the keys to the crypto industry.

Hoskinson criticized Trump’s crypto ventures 

Hoskinson also argued that U.S. crypto policy is failing due to digital assets tied to the President, such as Trumpcoin. He pointed to the controversial Trump memecoin, urging the U.S. not to favor or nationalize digital assets. 

The crypto mogul warned that cryptocurrency should remain a global and neutral product. Hoskinson maintained that there’s no such thing as American crypto protocols, but there can be American cryptocurrency companies. 

Hoskinson stated in December that Trump’s cryptocurrency ventures had created a huge market disruption. He also believes that the President may be subpoenaed when the Democrats get back in power. The crypto mogul also criticized the timing of Trump’s family-linked crypto project, World Liberty Financial.

Cardano’s founder also called for a clear and careful establishment of crypto laws. He believes the U.S. government should unite with the crypto industry rather than rushing for partisan gain. Hoskinson stated that the goal of the U.S. should be to pass regulations that last and don’t limit innovation, even if it takes longer to make it happen.

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