Cardano’s Hoskinson Slams the SEC, Calling It “The Evil of the Unelected”

The clash between the SEC and the cryptocurrency industry has intensified, as Cardano founder Charles Hoskinson fires back with a heated criticism of the regulator. In a recent post on X, Hoskinson accused the SEC of abusing its power and causing lasting damage to the crypto space.

Hoskinson Calls Out Unelected Power

Reacting to a Politico report that highlighted the industry’s growing pushback against the SEC’s enforcement actions, Hoskinson did not mince words. He labeled the SEC’s behavior as the “evil of the unelected” and accused federal employees of prioritizing personal gain over fair regulation.

According to Hoskinson, the SEC’s aggressive stance has led to massive financial losses and legal hurdles for crypto projects — many of which are still reeling from lawsuits and regulatory battles. He warned that the crypto community would neither forget nor forgive the agency’s past actions, especially those designed to cripple the industry for personal political or career advancement.

A United Front: More Crypto Leaders Speak Out

Charles Hoskinson isn’t the only one breathing fire at the SEC. Coinbase CEO Brian Armstrong and Ripple’s chief legal officer Stuart Alderoty have joined the chorus, demanding accountability from the regulators. Both have urged the crypto industry to cut ties with law firms that employ former SEC staff directly involved in the clampdowns on crypto projects.

The message is clear, the industry is no longer willing to tolerate what they see as unfair treatment. Some, like the Winklevoss twins of Gemini, are even pushing for the dismissal of SEC investigators involved in their ongoing legal battles, signaling a shift in how crypto leaders intend to handle regulatory aggression moving forward.

A Divided Crypto Community?

Still, not everyone in the crypto sector agrees with this hardline stance. Some voices argue it’s time to dial back the pushback, warning that besides SEC Chair Gary Gensler, there aren’t many individual targets left within the agency to hold personally responsible.

This group insists their goal isn’t revenge but preventing future overreach. They believe the industry should focus on constructive dialogue and reform rather than trying to blacklist individuals or law firms. There’s a growing recognition that while the past actions were damaging, burning bridges may not help in the long run, especially as regulatory frameworks continue to evolve.

Crypto’s Rising Political Power

The latest clash with the SEC also highlights crypto’s increasing political influence. With more lobbying efforts and campaign donations flowing toward pro-crypto politicians, the industry is determined to shape the future of digital asset regulation.

Interestingly, the regulatory landscape might already be shifting. The Politico article notes that the election of Donald Trump, who has received substantial support from crypto backers, could lead to a less hostile environment for the industry.