Wyoming’s exclusion of Cardano from a key blockchain initiative reveals flaws in the state’s regulatory approach, raising transparency concerns.
Charles Hoskinson advocates for appointing a neutral “Crypto-Czar” to lead U.S. blockchain policy and ensure fair regulatory practices.
Operation Baseline will survey the U.S. blockchain sector to identify challenges and guide lawmakers toward effective crypto legislation.
Cardano co-founder Charles Hoskinson has voiced his dissatisfaction with Wyoming's handling of a blockchain initiative, citing a lack of transparency in the regulatory process. The decision to exclude Cardano, a protocol with a market value nearing $40 billion, has sparked concerns about the state’s commitment to blockchain innovation and its credibility as a blockchain-friendly hub.
Lack of Transparency in Regulatory Procedures
Hoskinson criticized Wyoming’s decision-making process, which bypassed the standard request for proposals (RFP) method. Typically, RFPs allow vendors to showcase their solutions and demonstrate capabilities through proof-of-concept presentations. However, in this case, a single bureaucrat determined Cardano’s exclusion without formal evaluations.
This approach, Hoskinson argued, undermines the blockchain industry's collaborative principles and damages the reputation Wyoming has built as a leader in blockchain adoption. He warned that such practices hinder innovation and create unnecessary obstacles for major protocols looking to contribute to the state’s blockchain ecosystem.
Call for Unified Leadership in Blockchain
In response to the challenges faced by blockchain innovators, Hoskinson has proposed appointing a “Crypto-Czar” to lead U.S. blockchain policy. He emphasized the need for a neutral and capable leader to unite various protocols and guide effective legislative development.
Hoskinson suggested Coinbase CEO Brian Armstrong as an ideal candidate, citing his experience navigating complex regulatory landscapes and fostering industry collaboration. Armstrong’s leadership, he believes, could significantly enhance efforts to establish a fair and inclusive crypto environment across the United States.
Operation Baseline: Addressing U.S. Blockchain Challenges
Beyond advocating for leadership changes, Hoskinson is taking proactive steps through “Operation Baseline,” a nationwide initiative set to launch in January. This project aims to survey the U.S. blockchain landscape, identifying regulatory issues and proposing actionable solutions to lawmakers.
Hoskinson’s goal is to provide data-driven insights that empower policymakers to create a regulatory environment conducive to blockchain innovation. By aligning this initiative with the Crypto-Czar’s efforts, he hopes to address systemic challenges and strengthen the U.S. as a global leader in blockchain technology.
The exclusion of Cardano has placed Wyoming’s blockchain reputation under scrutiny. Hoskinson’s remarks underscore the importance of fair and transparent processes in fostering trust among blockchain innovators. Without such measures, the state risks losing its competitive edge and deterring future investments.
