Charles Hoskinson, founder of Cardano and head of Input-Output Global (IOG), took to X, formerly Twitter, to criticize the United States’ economic policies and handling of emerging technologies. His comments came after Fitch Ratings downgraded US debt from triple-A to AA+ on August 1.
Cardano Founder Blasts The US
Hoskinson pointed out the national debt of over $30 trillion and the challenges consistent budget deficits pose. He also highlighted the issues with doubling the country’s money supply within 24 months.
Moreover, Hoskinson raised concerns about the United States losing its competitive advantage in emerging technologies, especially in crypto, due to the Securities and Exchange Commission’s (SEC) aggressive regulatory stance, which he claimed stifled innovation in the sector.
Unlike other jurisdictions, including the UAE and Japan, the United States has been slow to formulate fitting laws to enable the growth of crypto and its instruments.
Hoskinson criticized the government’s attempt to raise energy costs and appeared bewildered at Treasury Secretary Janet Yellen’s apparent “lack of understanding regarding the credit downgrade.” He implied that despite recent drops in inflation rates and buoyant job markets, the United States is facing economic problems that indicate a decline.
The US credit rating was downgraded due to concerns about the country’s debt and governance standards. Fitch also raised alarms about the nation’s “recurrent debt limit debates and last-minute resolutions.”
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Author: Dalmas Ngetich
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