Charles Hoskinson, the founder of Cardano, recently aired his grievances about Wyoming’s stablecoin project. He claims the project’s development was unfair and excluded Cardano without justification.
Early Optimism Turns Sour
Initially, Hoskinson was optimistic about Wyoming’s crypto law, even advising the state government extensively for over a year and a half on the project’s development. This included advice on crucial aspects like issuing and redeeming the stablecoin, compliance, tech standards, and competition with existing stablecoins.
Allegations of Bias and Unfair Exclusion
However, things took a turn when an executive director, allegedly favoring Ethereum and Polygon, was appointed. Hoskinson claims this director pushed for the stablecoin to be launched on Ethereum first, directly contradicting the bill’s intention for a multi-chain stablecoin.
He further criticized the opaque selection process for blockchain platforms, calling it exclusionary and arbitrary. Cardano, along with thousands of other blockchains, was excluded based on what Hoskinson describes as unsubstantiated claims about lacking certain capabilities, without a chance to prove otherwise. There was no opportunity for public comment or appeal.
Legal and Constitutional Concerns
Hoskinson believes the commission’s actions were both illegal and unconstitutional, giving an unfair advantage to other ecosystems. He argues that the Wyoming government shouldn’t be “picking winners and losers.”
Wyoming’s Reputation at Risk
He worries that this incident could damage Wyoming’s reputation as a crypto-friendly state, pointing out that this is the first time the state has arbitrarily excluded participants.
What’s Next?
IOG is exploring all options, including legal action. Hoskinson notes that some Wyoming lawmakers are also unhappy with the situation and are considering repealing or defunding the project.
Despite his frustrations, Hoskinson remains committed to Wyoming and hopes for a fair resolution, emphasizing the importance of adhering to the rule of law and fair treatment for all. He warns that Wyoming risks losing its position as a crypto hub if such practices continue. He’s determined to see this through to the end.
