Cardano founder Charles Hoskinson has launched a sharp critique of the proposed CLARITY Act and accused cryptocurrency exchange Coinbase of obstructing its progress, framing the debate as a pivotal moment for the entire digital asset industry.
In a recent podcast appearance, Hoskinson responded directly to criticism from the XRP community, which has repeatedly labeled him as "anti-XRP" whenever he discusses the regulatory bill. He clarified that his concerns are not about any single cryptocurrency but about the bill's potential to reshape the entire regulatory landscape. "The minute I say this, the XRP people show up… Oh, Charles is bad. He’s so bad. You know, why are you so anti-XRP?" he stated, emphasizing that the issue is "much bigger than XRP."
Hoskinson warned that the CLARITY Act, in its current or final form, could establish a framework where most digital assets are classified as securities by default. He argued this would grant regulators sweeping authority, potentially stifling innovation and making it far more difficult for crypto firms to defend themselves legally, unlike in past periods of regulatory ambiguity where companies could challenge enforcement actions in court.
Separately, Hoskinson leveled a serious accusation against Coinbase, claiming the exchange is the "only group blocking" the CLARITY Act. He alleged that Coinbase's primary motivation is to protect its lucrative stablecoin yield revenue, estimated at about $1.35 billion from USDC-related programs in 2025, rather than securing broader regulatory clarity for digital assets. "Coinbase does not care about DeFi restrictions or whether tokens are securities," Hoskinson claimed, suggesting the exchange is stalling the bill to safeguard its business model.
The dispute centers on amendments in the Senate version of the bill, passed by the House in July 2025, which include restrictions on passive yield payments for stablecoin balances and expanded DeFi reporting requirements. Coinbase has opposed these provisions, citing concerns over surveillance and limits on tokenized equity. The Senate Banking Committee plans to resume markup discussions later in April 2026, with JPMorgan expressing confidence the bill will pass before year-end.
