Hoskinson Warns Senate Crypto Bill Hands Control to SEC

• Hoskinson warns Senate bill hands crypto control to the SEC after 137 amendments.
• Cardano founder criticizes industry leaders prioritizing money over the freedom mission.
• Midnight development focuses on universal privacy tech and intent-driven transactions.

Cardano founder Charles Hoskinson delivered a critical assessment of the proposed Senate cryptocurrency legislation during his recent broadcast. The blockchain entrepreneur warned that the current bill hands control of the digital asset industry to the Securities Exchange Commission (SEC) following 137 amendments to the draft text.

Hoskinson stated the legislation makes all new cryptocurrency projects securities by default, requiring approval from the SEC. “How is that any better than what scary Gary gave us under Biden?” Hoskinson asked, referring to former SEC Chair Gary Gensler. The founder questioned whether the industry’s political donations and lobbying efforts produced meaningful regulatory improvement.

Industry Sold Out Revolutionary Principles for Access

Hoskinson criticized cryptocurrency leaders for compromising core decentralization principles in exchange for political access and regulatory accommodation. “I didn’t sign up to hand the f***** revolution to 15 banks. To live in a world where everything is a custodial wallet, every transaction is KYC’d,” he stated during the 29-minute broadcast from Wyoming.

The founder characterized current regulatory negotiations as abandoning the industry’s foundational mission. He compared leaders accepting the proposed framework to “taking their silver” to join a new oligarchy rather than maintaining commitment to financial freedom and privacy.

Hoskinson specifically criticized the approach of accommodating traditional financial power structures. “The leaders in this industry because they want that goddamn money, they’ve handed the revolution off,” he stated. The founder argued that cryptocurrency’s purpose extends beyond investment returns to creating alternatives to centralized surveillance systems.

Development Progress Continues Amid Regulatory Criticism

Despite regulatory concerns, Hoskinson provided updates on Cardano and Midnight development. The team held a workshop covering Midnight’s roadmap, focusing on universal privacy-enhancing technology construction. This includes multi-party computation, trusted execution environments, fully homomorphic encryption, and zero-knowledge proofs.

The founder stated that by 2030, approximately 90% of decentralized exchange transactions will operate in intent-driven formats, with 60% being DeFi-related. Midnight aims to position itself as the platform routing intent transactions to solvers as trillions of dollars flow through these systems.

Negotiations with tier-one bridges and stablecoin providers continue making progress, according to Hoskinson. The Intersect team met with Input Output offices this week for board meetings, discussing 2026 goals. “Moving the ball forward on tier one bridges tier one stablecoins, and negotiations are very fruitful there,” Hoskinson stated.

The founder emphasized that Cardano’s approach maintains integrity despite market pressures. “We don’t take the easy road we take the right road. Every single day to remind them there’s a revolution here,” he concluded.

Related: Cardano Opens Vote to Name 2026 Hard Fork After DRep Max van Rossem