Cardano founder has accused the Wyoming Stable Token Commission of being biased towards Ethereum after its decision to exclude several major cryptocurrencies from its stablecoin project.
Among those excluded were Bitcoin, XRP, ICP, Hashgraph, and Cardano, despite the fact that the state is home to the Cardano blockchain and several other crypto firms.
The commission’s decision has sparked controversy, with many speculating that the exclusion of these cryptocurrencies is due to the fact that the commission’s director, Anthony Apollo, is a former employee of ConsenSys, an Ethereum-focused software company.
In a post on X, Hoskinson highlighted a portion of the hearing where Apollo defended the commission’s decision. Apollo admitted that Cardano is based in Wyoming but claimed it is not decentralized. He said Input Output Global (IOG) runs Cardano.
This is the guy who made the decision to exclude Cardano, XRP, ICP, Bitcoin, Hashgraph, etcBut he did include Ethereum. He knows a lot about it, given his former employer was Consensys… https://t.co/wfC2thhTB6
During the state hearing, Apollo said he had several meetings with Hoskinson and the former Cardano executive team. He also held multiple meetings with the Cardano blockchain governor affairs representative and XSY, the team behind Cardano’s stablecoin startup.
Apollo claimed the meetings were to find ways to work with Cardano by assessing whether the blockchain had the necessary capabilities. According to the commission’s spokesperson, Cardano met four of the five binary criteria but lacked existing and demonstrable technology, as one of the blockchain’s solutions was still in testnet.
In the meantime, Apollo’s comment about Cardano’s lack of decentralization sparked responses from the crypto community. Many believe Apollo misunderstands the blockchain’s structure. One responder noted that ADA holders on-chain and SPOs govern Cardano’s processes, not Charles Hoskinson or the IOG, as Apollo suggested.
Meanwhile, Hoskinson remained unhappy with the commission’s decision to exclude Cardano and other blockchains. His comments suggest IOG could take legal action.
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