Highlights:
- Hoskinson has criticized Wyoming for excluding Cardano from its stablecoin project.
- Cardano has earned an “A-” rating, joining top assets like Bitcoin and Ethereum.
- Wyoming risks its crypto-friendly reputation over blockchain selection concerns.
Charles Hoskinson has expressed disapproval regarding how decisions are made when it comes to blockchain in Wyoming. The Cardano founder has alleged procedural misconduct surrounding the selection of the blockchain for the Wyoming Stable Token project. IOG guided the project for 18 months before its removal without explanation.
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WST is set to go live in early 2025 and is tied to the U.S. dollar. The Wyoming Stable Token Act of 2024 is very specific on the parameters by which a stablecoin must be backed and have liquidity. The move has received criticism from supporters and enthusiasts of the blockchain.
Hoskinson commented on the issue in a video posted on X. He argued that the selection was neither transparent nor fair. Reports say that the Wyoming Stable Token Commission chose platforms like Ethereum, Solana, and Polygon. Cardano was, however, absent from the list despite contributing immensely.
Wyoming Stablecoin https://t.co/WRLfLaVCCa
— Charles Hoskinson (@IOHK_Charles) November 24, 2024
Claims of Favoritism and Lack of Transparency
Hoskinson said the Commission did not follow a fair bidding process. However, he insists it bypassed a formal request for proposal procedure. The decision, he said, was also inconsistent with Wyoming’s good-faith procurement standards. According to him, the Commission gave some blockchains undue favor compared to others.
Cardano’s supposed technical shortcomings were dismissed by Hoskinson. He claimed these claims were biased and unfounded. He said there were no opportunities for rebuttal or appeals from decisions. According to him, this undermines Cardano’s ability to showcase its capabilities.
Hoskinson said the decision by the Commission could damage the economy of Wyoming. Firms like IOG, he noted, were heavily invested in the state. The state may lose economic benefits by excluding them.
Cardano Achieves Elite Ranking Amid Wyoming Controversy
Weiss Crypto, a top rating firm, has upgraded Cardano to ‘A–’ ranking. This places Cardano alongside Bitcoin and Ethereum in Weiss Crypto’s A assets group. Cardano’s successful market performance and technological innovations have led to the new ratings.
We have just upgraded $ADA to an "A-" rating.
Cardano joins $BTC and $ETH as the only cryptos in the "A" range: https://t.co/5bmXLxwmQm
— Weiss Crypto (@WeissCrypto) November 22, 2024
The partnership of Cardano and BitcoinOS has elevated its profile in the crypto space. This allows smart contract execution on Bitcoin and inter-blockchain interoperability. Charles Hoskinson has commented on the accomplishments of the network. He pointed out how blockchain is both enabling and expediting innovation and institution adoption.
Potential Impact on Wyoming’s Crypto Reputation and Ecosystem
Hoskinson has warned that the Wyoming blockchain ecosystem could suffer from the decision. He argued such practices scare off investment and erode trust. The state could risk losing its reputation as a crypto hub.
Some lawmakers have questioned the Commission’s actions. He noted some are even considering repealing or defunding the stablecoin project. The Cardano founder stated that they will pursue legal action and other options. He has called on the state to follow laws and treat all parties fairly. Charles Hoskinson is still hopeful that they will reach a resolution soon and that Cardano will feature in the Wyoming Stable Token project.
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