Exclusive Interview with Charles Hoskinson | Three Key Takeaways
1 | U.S. Crypto Regulation Enters a “Catch-Up Phase”
According to Hoskinson, the United States has spent the past four years in an adversarial stance toward the crypto industry, but is now moving into a “regulatory catch-up” period. Major legislative projects—such as stablecoin frameworks, the Market Structure Bill, and the Clarity Act—are underway to restore trust. Without clear legal codification, regulatory direction will continue to swing with each administration change, putting the industry back into uncertainty and distrust, he warns.
2 | Google Partnership, Quantum Resistance, and the AI Agent Economy — Cardano’s Strategic Pillars
Cardano is collaborating with Google Cloud through its privacy-focused chain, Midnight, advancing joint research on next-generation blockchains resistant to quantum computing. In the coming era where AI agents reshape search, advertising, and commerce—the “next internet”—crypto assets will be essential for data purchasing and micropayments. By combining decentralized identities (DID) with selective disclosure technologies, Cardano aims to build an infrastructure that balances privacy with regulatory compliance.
3 | Expectations for the Japanese Market and Cardano’s Next 10 Years
Hoskinson sees Japan as increasingly promising, citing tax reforms and the liberalization of stablecoins and RWAs. Depending on how major corporations move, Japan could become one of Asia’s largest markets. Cardano itself is pursuing a 60x throughput boost through Wf-Leios and expanding interoperability across multiple chains. Looking toward 2035—an era of more than one billion blockchain users and potentially a $1 million Bitcoin—Cardano envisions an expanded role as political, economic, and social infrastructure.
Turning Point After “Four Years of Hostility” — Hoskinson on the State of U.S. Crypto Regulation
In the United States, the SEC has recently withdrawn lawsuits against Coinbase and Ripple, signaling a more positive shift. Discussions around the government’s role in crypto are also advancing. How do you view these developments? And what regulatory challenges still need to be addressed for the industry to truly mature?
Charles Hoskinson: I believe the United States is currently in a “catching up” phase. Over the past four years under the Biden administration, the entire government has taken an adversarial stance toward the cryptocurrency industry—essentially trying to attack and dismantle it.
Major exchanges were hit with lawsuits one after another, and previous guidance—such as the clear statement that “Ethereum is not a security”—was suddenly reversed. The government systematically targeted crypto-related businesses, shutting down their bank accounts. I personally lost mine, and dozens of other companies faced the same fate.
Prominent figures across the industry were also targeted. For example, Changpeng Zhao (CZ), the founder of Binance, was detained and served four months in prison. Many others have faced both criminal and civil actions. It was an extremely unhealthy environment—frustrating, demoralizing, and damaging to the entire sector.
As a result, a deep sense of distrust toward the U.S. remains among many in the industry. The big question now is whether this new, seemingly positive attitude is genuine and lasting—or merely temporary. The future of the U.S. as a viable home for crypto businesses depends on the answer.
The only way to rebuild trust and credibility is through legislation. Once laws are codified, they create durability. Even if a future Democratic administration comes to power, it would not be able to revert to the anti-crypto policies we saw during Gary Gensler’s tenure.
Right now, several large-scale legislative projects are underway in the U.S. The first step was to position stablecoins within a “safe harbor” framework, since stablecoins are arguably the most important assets in the crypto market.
The next stage is the Market Structure Bill, which aims to clearly define which digital assets qualify as securities and which as commodities.
(※1 The Market Structure Bill is a U.S. legislative proposal designed to reform the regulatory architecture for digital and crypto assets. It seeks to clarify oversight responsibilities between the SEC and the CFTC, reducing overlap and ambiguity.)
In terms of stablecoins, the passage of the Genius Act represented significant progress. The process involved intense debate and setbacks, but ultimately yielded tangible results.
Another key initiative is the Clarity Act, which is a far more complex and challenging bill. It involves many moving parts and delicate coordination, but at the current pace, I believe it stands a good chance of being thoroughly debated and passed by November.
