Cardano founder Charles Hoskinson has been making waves in Wyoming politics after feeling slighted by the state’s selection process for its Stable Token project. Hoskinson, a crypto billionaire, has announced plans to launch a Political Action Committee (PAC) in the state in order to influence bidding policies and bring more transparency to the process.
The controversy began when the WST Committee decided to only consider bids from pre-qualified vendors, excluding Cardano from the selection process. Hoskinson believes this decision was part of a larger conspiracy involving former employees of leading Ethereum developer ConsenSys, stablecoin issuer Circle, and asset manager BlackRock to favor Ethereum and incumbent stablecoin issuers.
Hoskinson points fingers at Anthony Apollo, the executive director of the WST Commission, as the mastermind behind this alleged conspiracy. While Apollo claims that Cardano failed the asset freeze and seize test, Hoskinson argues that the criteria were not made public and projects were not given a fair chance to showcase their capabilities.
The Cardano founder believes that the lack of transparency in the selection process could allow big firms to take advantage of the state. He also criticizes the WST project’s budget of $5.8 million, which he believes is insufficient to compete with private firms making billions annually. Hoskinson suggests going back to the drawing board with a more transparent procurement process.
Hoskinson’s planned PAC in Wyoming follows a successful playbook from the crypto industry, which saw the election of pro-crypto candidates last year. Beyond his grievances with the WST project, Hoskinson has deep ties to Wyoming, with family in the state and ownership of a ranch and health clinic.
Overall, Hoskinson’s foray into Wyoming politics showcases his determination to challenge the status quo and advocate for fairness and transparency in government processes. As he sets his sights on becoming a major power broker in Wyoming, it remains to be seen how his efforts will shape the future of crypto and blockchain in the state.