Cardano Founder Took a Stand Against Ripple Co-Founder Chris Larsen
Charles Hoskinson, the founder of Cardano, recently critiqued Ripple co-founder Chris Larsen for his substantial financial contributions to support Kamala Harris, the Democratic presidential candidate. Hoskinson’s remarks came in response to a post by Robert F. Kennedy Jr. that condemned the Biden-Harris administration for exacerbating national divisions and endorsing military force against civilians.
Charles Hoskinson Stance
In his criticism, Hoskinson highlighted a particular concern with the DoD Directive 5240.01, which, for the first time, grants the Department of Defense the authority to use lethal force against U.S. citizens protesting government policies on domestic soil. RFK Jr. pointed out that while politicians often make inflammatory statements such as Harris’s comments characterizing Trump as “fascist” the implications of this directive are far more significant.
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Hoskinson characterized this development as a violation of the Posse Comitatus Act of 1878, which restricts military involvement in civilian law enforcement, lamenting the administration’s push to implement this directive.
Furthermore, Hoskinson criticized Larsen for his $11.8 million donation to Democratic causes, arguing that this move complicates the broader regulatory narrative surrounding cryptocurrency. The utilization of cryptocurrency for political means may undermine its foundational principles of decentralization and neutrality.
Market Trends and Price Action
This political backdrop has negatively influenced market sentiment in the crypto space. Following Larsen’s contributions, XRP experienced a 5% decline this week, now trading at approximately $0.52. Additionally, there has been a notable drop in derivatives activity, with options volume falling by 82%, according to Coinglass data.
In parallel, Cardano’s ADA also saw a downturn, dipping 3% over the last 24 hours to a current price of $0.34, with trading fluctuating between $0.356 and $0.340.
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Michael Onche: Crypto aficionado and seasoned analyst. With a keen eye for market trends and a passion for blockchain technology, he deciphers the intricacies of cryptocurrency with precision. Michael’s expertise and insightful content make him a trusted guide for navigating the dynamic world of digital assets.
