Trump's DeFi project is scary, says Charles Hoskinson

Donald Trump and his sons launched the DeFi project called World Liberty Financial (WLFI) to offer an alternative to large traditional banks with an agile and modern platform.

However, Charles Hoskinson, founder of Cardano (ADA), expressed skepticism about the news, pointing out that Trump's association with the project could attract greater scrutiny from US regulators, in addition to generating negative political reactions.

“The fact that Trump is behind the project could attract the ire of some political sectors of the Democratic party, who could use government agencies to hinder the platform's progress,” he said.

Hoskinson also mentioned the possibility of federal investigations, either by the Department of Justice or the IRS (Internal Revenue Service), which could harm the crypto ecosystem as a whole.

In addition, Cardano creator Mark Uyeda, a member of the SEC, issued a warning stating that Trump and any other blockchain entrepreneurs should ensure they have a robust legal team with them to avoid complications with current regulations.#BTC🔥🔥🔥🔥🔥 #Cardano