Cardano, Ripple, and Bitcoin were notably excluded from the Commission’s stablecoin project, sparking industry-wide debate.
The Cardano founder accused the Commission’s executive director, Anthony Apollo, of favoritism due to prior Ethereum affiliations.
Hoskinson urged excluded networks to consider lawsuits, highlighting concerns over fairness in the blockchain selection process.
Charles Hoskinson the founder of Cardano has criticized the Wyoming Token Commission for blockchain selection in an upcoming stablecoin project. Hoskinson expressed his dissatisfaction over the exclusion of Cardano and Ripple claiming bias in the selection process. His critique focused on Anthony Apollo the executive director of the Commission for allegedly favoring Ethereum.
Out of the nine blockchains shortlisted, by the Wyoming Token Commission, some major projects like Cardano, Ripple, and Bitcoin weren’t identified. This decision has triggered a lot of controversy within the Crypto industry particularly complaints of bias and poor evaluation conduct.
https://twitter.com/IOHK_Charles/status/1867734617673150612 Wyoming Token Commission’s Selection Under Scrutiny
The exclusion of prominent blockchains like Cardano and Ripple has raised questions about the fairness of the selection criteria. During a recent legislative hearing, Anthony Apollo defended the Commission’s process, asserting that it was based on a rigorous five-stage evaluation framework. He revealed that Cardano did not meet one of the required benchmarks, which contributed to its exclusion.
Apollo clarified that although Cardano’s Midnight project showed potential, it was still under development during the assessment period. He further denied allegations of bias, stating that representatives from Cardano were treated the same as other applicants.
Despite these explanations, Hoskinson has continued to challenge the Commission’s actions, citing a potential conflict due to Apollo’s prior association with Ethereum.
Legal Action Against Wyoming Token Commission
In response to the perceived unfairness, Hoskinson has urged other excluded blockchain networks to consider legal action against the Wyoming Token Commission. He was concerned that such exclusions may lead to distortions that make business conditions in the US cryptocurrency sector unfavorable. Hoskinson has especially laid much emphasis on arguing that the method that should be used in choosing the right networks should not be influenced by some individuals’ friendships.
This recent criticism seems to be a far cry from what Hoskinson used to advocate as he championed the need for cooperation amongst players in this crypto space. Earlier this month, he had said he wants major blockchains like Ethereum, Ripple, and others to come together. However, his latest remarks highlight ongoing divisions and disputes within the blockchain community.
The Wyoming Token Commission’s stablecoin project aims to leverage blockchain technology to develop innovative financial solutions. However, the controversy surrounding its selection process may overshadow its objectives. The exclusion of blockchains like Cardano, Ripple, and Bitcoin has sparked industry-wide discussions about transparency and equity in blockchain adoption.
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