- Charles Hoskinson criticizes the SEC for stifling crypto growth with legal crackdowns, urging regulators to take accountability.
- Ethereum’s slow upgrade process, with only one major EVM update in five years, hinders innovation and decision-making efficiency.
- Cardano’s Voltaire update aims to streamline governance, balancing decentralization with efficiency for sustainable blockchain progress.
Charles Hoskinson, founder of Cardano criticized the U.S. Securities and Exchange Commission (SEC) for its aggressive stance on the crypto industry. He highlighted the damage caused by regulatory crackdowns and called out former regulators who now struggle to find jobs.
The SEC’s legal actions have cost the industry millions in legal fees and erased billions from market caps. Hoskinson emphasized that regulators should take accountability instead of playing the victim. He accused them of harming the industry without considering the consequences.
Ethereum’s Slow Development Under Fire
Besides attacking regulators, Hoskinson also took a shot at Ethereum’s sluggish upgrade process. He compared Ethereum’s inefficiencies to Cardano’s structured governance model. According to him, Ethereum lacks a clear vision and struggles with decision-making.
Solidity expert Harikrishnan Mulackal pointed out that Ethereum has seen only one major Ethereum Virtual Machine (EVM) update in the past five years. Consequently, this delay has hampered innovation and slowed network improvements. Moreover, excessive decentralization has made Ethereum’s development process cumbersome.
Cardano’s On-Chain Governance: A Game Changer?
Cardano’s Voltaire update, according to Hoskinson, will address governance issues. Cardano’s hierarchical methodology allows for ongoing updates, unlike Ethereum. Voltaire also hopes to lower coordination expenses and promote wider community involvement.
Thus, the governance structure of Cardano would permit much quicker and more effective decision-making. Rather than depending on a few big barons, the system assures decentralized but indeed organized governance. Hence this kind of model will be adaptive and sustainable in the long run.
Ethereum’s decentralization model prioritizes security but at the cost of slow progress. However, Cardano seeks to balance decentralization with efficient governance. This distinction could impact the future of blockchain development.
