{"id":3234,"date":"2024-11-25T07:34:49","date_gmt":"2024-11-25T07:34:49","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=3234"},"modified":"2024-11-25T07:34:49","modified_gmt":"2024-11-25T07:34:49","slug":"cardano-founder-breaks-his-silence-on-wyoming-stablecoin","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=3234","title":{"rendered":"Cardano Founder Breaks His Silence On Wyoming Stablecoin"},"content":{"rendered":"
\n

In a livestream<\/a> on November 25, Charles Hoskinson, the founder of Cardano and CEO of Input Output Global (IOG), voiced serious concerns over the Wyoming stablecoin project, highlighting what he perceives as procedural misconduct and unfair exclusion of the Cardano blockchain.<\/p>\n

Cardano Founder Speaks Out<\/h2>\n

Hoskinson began by recounting the initial optimism surrounding the Wyoming legislature\u2019s passage of a crypto law nearly two years ago, which aimed to enable the state to issue its own asset-backed stablecoin. \u201cAlmost immediately after this proof of concept bill was pushed forward, many people in the Wyoming government and outside of the government reached out to Input Output to ask for our advice and suggestion of how we wanted to work with the government,\u201d he stated.<\/p>\n

Over the past year and a half, IOG participated extensively in the project\u2019s developmental phase. \u201cWe decided to serve on the subcommittee and provided a great degree of advice over almost a year and a half in many, many meetings about things that would need to be done for such a project to be successful,\u201d Hoskinson revealed. The discussions covered essential aspects such as issuance and redemption processes, compliance, technological standards, and strategies to compete with established stablecoins like Circle<\/a> and Tether<\/a>.<\/p>\n

However, Hoskinson expressed dismay over the appointment of an executive director who, according to him, favored the Ethereum ecosystem contrary to the bill\u2019s intent. \u201cBy statute, this executive director came from the Ethereum ecosystem with, I guess, some background in Polygon, and from the very beginning made statements that the coin should be issued first in the Ethereum ecosystem, which was directly against the intent of the authors of the bill who wanted the Wyoming-based stablecoin to be multi-chain,\u201d he alleged.<\/p>\n

He criticized the commission\u2019s process for selecting blockchain platforms, which he described as opaque and exclusionary. \u201cThey decided to create their own criteria and act as judge, jury, and executioner in a very short period of time through a pre-qualification process,\u201d Hoskinson said. He claimed that Cardano was excluded based on assertions that it lacked certain capabilities, without being given the opportunity to demonstrate otherwise. \u201cThere was no opportunity for public comment, there was no opportunity for appeals, rebuttal,\u201d he emphasized.<\/p>\n

Hoskinson did not mince words regarding the legality of the commission\u2019s actions. \u201cI think it\u2019s both illegal and unconstitutional against the state constitution and the good faith of the laws of the state,\u201d he stated. He argued that the process gave \u201can unfair competitive advantage to other ecosystems\u201d and that \u201cthe government of Wyoming has gotten in the business of picking winners and losers.\u201d<\/p>\n

Highlighting the broader impact, Hoskinson pointed out that numerous other blockchain platforms were similarly excluded. \u201cIt\u2019s not just Cardano that was excluded; 29,900-plus blockchains were also excluded in this pre-qualification process,\u201d he remarked. He expressed concern that the commission\u2019s actions could undermine Wyoming\u2019s reputation as a crypto-friendly state. \u201cThis is the first time in the history of the state where an agent of the state made an arbitrary and capricious decision to exclude people from participating,\u201d he said.<\/p>\n

Looking ahead, the Cardano founder indicated that IOG is exploring all available options, including potential legal action. \u201cMoving forward, there are many options, and we at IOG will pursue them\u2014options at our discretion,\u201d he declared. He mentioned that several Wyoming lawmakers are \u201cdeeply disgruntled and disturbed by this behavior,\u201d and are questioning whether the project should be repealed or defunded.<\/p>\n

Despite his frustrations, Hoskinson reaffirmed his commitment to Wyoming and its potential<\/a> as a hub for blockchain innovation. \u201cI do believe that Wyoming is still a great place to form a cryptocurrency business, and I do believe that there are many people who are very well-intended,\u201d he said. He stressed the importance of fair treatment, especially given IOG\u2019s significant investments in the state. \u201cI\u2019d like to believe that those investments were wise and that we will be treated fairly and rule of law prevails,\u201d Hoskinson stated.<\/p>\n

He also cautioned that Wyoming risks losing its competitive edge if such practices continue. \u201cIf Wyoming wants to hold on to the crypto businesses that have incorporated there, they have to make sure that there\u2019s a perception it still is the best place, including a strong adherence to the rule of law and a government that doesn\u2019t pick winners and losers,\u201d the Cardano founder warned.<\/p>\n

Concluding his remarks, Hoskinson expressed hope for a resolution but remained firm on pursuing justice. \u201cWe\u2019ll get it sorted out and solved because this is just the beginning; by no means is it the end,\u201d he asserted. \u201cRemember, I live there. I\u2019m not going anywhere.\u201d<\/p>\n

At press time, ADA traded at $1.04.<\/p>\n

\"Cardano<\/div>\n","protected":false},"excerpt":{"rendered":"

In a livestream on November 25, Charles Hoskinson, the founder of Cardano and CEO of Input Output Global (IOG), voiced serious concerns over the Wyoming stablecoin project, highlighting what he perceives as procedural misconduct and unfair exclusion of the Cardano blockchain. Cardano Founder Speaks Out Hoskinson began by recounting the initial optimism surrounding the Wyoming […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"iawp_total_views":0,"footnotes":""},"categories":[2],"tags":[3,4,5],"class_list":["post-3234","post","type-post","status-publish","format-standard","hentry","category-news","tag-crypto","tag-doge","tag-news"],"_links":{"self":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/3234","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=3234"}],"version-history":[{"count":0,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/3234\/revisions"}],"wp:attachment":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=3234"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=3234"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=3234"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}