Cardano [ADA] Founder Charles Hoskinson publicly took aim at Ripple CEO Brad Garlinghouse over his support for the CLARITY Act in a live broadcast on Sunday.
He argued that backing it in its current form could do more harm than good.
Is something really better than nothing?
Hoskinson’s criticism was based on whether flawed legislation is preferable to non-clear regulations. While Garlinghouse has backed the CLARITY Act despite its gaps, Hoskinson questioned the logic of trusting the same system that previously targeted crypto firms.
Ripple’s own battle with regulators like the SEC lasted years before the dust settled.
Source: X
In a recent broadcast on X, he warned against rushing the act at any cost, saying that handing power back to regulators without fixing key issues risks repeating old mistakes. Taking shots at Garlinghouse, he said,
“And you still got people like Brad (Garlinghouse) saying, well, it’s not perfect, but we just got to get something, you know, it’s better than no clarity. Handed to the same people who sued us!”
Bullish sentiment is up!
Hoskinson’s comments lit up social media around Cardano [ADA] almost instantly.
Source: Santiment
Bullish commentary briefly overwhelmed bearish takes per Santiment data, with more than 27 positive comments for every one negative at the peak.
Source: Santiment
Social Volume and Dominance for ADA also jumped, so there was a short-lived surge in attention and optimism.
ADA falls, and then gets back up
Following these events, ADA’s price action turned defensive.
The token slipped from just under $0.40 to around $0.36 within hours, a proper rejection after the surge in attention. Since then, the price has moved sideways, holding in a tight $0.36-$0.37 range.
Source: TradingView
RSI had settled near 43, with no oversold stress or buying pressure. Meanwhile, MACD was below the zero line, even though selling pace had eased.
At the time of writing, ADA was digesting the fallout.
Final Thoughts
- Cardano sentiment spiked to 27:1 bullish-to-bearish, but price action went the other way.
- Any and all hype looks like it’d fade when regulation fears come around.
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