Charles Hoskinson Urges Trump’s ‘Crypto Czar’ to Resign

David Sacks should resign as White House crypto advisor, says Cardano's Charles Hoskinson.

David Sacks should step down as the White House cryptocurrency advisor due to a “complete failure,” according to Cardano founder Charles Hoskinson. He expressed this view on The Wolf of All Streets podcast.  

According to the developer, since the appointment of the “crypto czar” at the end of 2024, the industry has seen no progress as anticipated. Hoskinson emphasized that the market downturn continues, regulatory uncertainty persists, and a stable foundation for new projects is lacking. 

“If you are appointed ‘czar’ and responsible for this direction, I will judge by results. Most crypto assets have lost 40% to 50% of their value since [President Donald Trump] took office. This indicates an unhealthy state of the industry,” he said.

Should the Clarity Act fail to pass in the first quarter of this year, Sacks should resign, noted the Cardano founder. If Democrats regain control of the House of Representatives in the November midterm elections, the “window of opportunity” for advancing the bill will be lost. 

“I actually don’t believe Clarity will pass in the current quarter,” he added. 

Hoskinson also criticized the Genius Act, enacted in 2025. In his view, the document protects the interests of large financial institutions rather than ordinary investors. 

“[The Genius Act] centralizes the entire industry around BlackRock, Cantor, Goldman Sachs, Morgan Stanley, and other giants,” he stated, emphasizing that the bill essentially “handed Wall Street the keys to the crypto kingdom.”

The Cardano founder has repeatedly commented on Trump’s influence on the digital asset industry. Previously, he stated that the president’s administration has been “somewhat useless” for the market. 

Hoskinson believes that the politician has jeopardized the integrity of the entire sector by launching a controversial meme coin. 

“When ‘Trump coin’ appeared, everything shifted from ‘crypto outside politics’ to the formula ‘crypto = Trump = bad = corruption’,” the developer noted. 

SEC’s Opinion

SEC Chairman SEC Paul Atkins is confident that Trump will sign the cryptocurrency market structure bill by the end of the year. 

“The document fully aligns with the president’s goal to make America the global crypto capital. Clear laws and transparent rules create the certainty the market needs,” he said in an interview with Fox Business. 

Recently, the U.S. Senate Agriculture Committee, which oversees the CFTC, postponed the final consideration of the bill to the end of January. The regulator explained that additional time is needed to work out the details. 

The meeting was initially scheduled for January 15, coinciding with the Senate Banking Committee’s review of the same document. 

In December, experts assessed the impact of the Clarity Act on Bitcoin’s dynamics.