Recently, I've heard some interesting voices in the industry. Cardano founder Hoskinson expressed in an interview that he has significant doubts about the U.S. "Digital Asset Market Clarity Act (CLARITY Act)" passing smoothly in the first quarter of 2026.

He also pointed out a more pointed issue—David Sacks, who is responsible for crypto affairs in the Trump administration. Hoskinson believes that since Sacks took office at the end of last year, his performance has been quite average. With cryptocurrency prices continuously declining and regulatory policies remaining vague, the entire industry has not been able to establish stable development grounds. According to Hoskinson, if this bill truly fails to pass this quarter, Sacks should step down voluntarily—he said this would directly "depart from the industry's expectations."

There's also a more realistic concern. If the Democrats manage to regain control of the House in the November midterm elections, the likelihood of the CLARITY Act passing will become even more slim.

From a policy perspective, Hoskinson pointed out a phenomenon: current U.S. crypto policy is actually leaning toward large financial institutions rather than protecting retail investors' interests. Giants on Wall Street like BlackRock, Goldman Sachs, and Morgan Stanley have become the beneficiaries of these policies, and the trend toward industry centralization is becoming increasingly evident.

He also casually criticized another matter—Trump-related crypto projects have caused quite a bit of chaos in the market. Hoskinson's core stance is that cryptocurrencies should fundamentally maintain a global perspective and political neutrality, and should not be nationalized or turned into political tools. He suggests that the U.S. needs to develop a long-term, stable, and innovation-friendly crypto regulatory framework, even if it takes more time to push forward.