Charles Hoskinson, founder of the cryptocurrency platform Cardano and a Wyoming ranch owner, has criticized Wyoming’s process for selecting vendors to develop the state’s stable token, Cowboy State Daily reports.
Hoskinson, who leads one of the top 10 cryptocurrency platforms in the world, has expressed frustration over what he considers an unfair and opaque process that excluded his company from bidding.
Hoskinson’s criticism follows the Wyoming Stable Token Commission’s announcement that it is soliciting proposals only from pre-qualified blockchain networks, including Solana, Avalanche, Sui, Stellar, and Ethereum. Cardano was not included. Hoskinson took to social media, alleging that the selection lacked transparency and that no clear qualifications were made public before the decision.
He also suggested that Wyoming Stable Token Executive Director Anthony Apollo, a former employee of Ethereum-related Consensus, may have shown favoritism toward Ethereum, emphasizing it in early meetings as the preferred platform.
Anthony Apollo declined to comment directly, noting that an official statement would be forthcoming. However, Wyoming State Senator Chris Rothfuss, who helped craft the state’s digital asset laws, defended the process. Rothfuss stated that the selection was designed to be “fair, open, and public” and based on established criteria.
One requirement, he noted, was a “freeze and seize” capability, which allows for the seizure of assets under investigation, a feature Cardano does not yet fully support. Rothfuss suggested that Cardano’s exclusion might not be permanent, pointing to evolving capabilities, such as its upcoming Midnight layer-2 network, which could qualify in the future.
Hoskinson argued that Cardano’s capabilities were misjudged and that the company was denied a fair chance to prepare a compliant proposal. He also expressed disappointment that the process shifted from what he initially believed would be an open and merit-based system to one he described as secretive and arbitrary.
Hoskinson highlighted Cardano’s deep ties to Wyoming, noting that his company employs hundreds in the state and has invested significantly in local ventures, including a health clinic and a digital assets lab in collaboration with the University of Wyoming.
Wyoming’s decision has drawn scrutiny from the broader cryptocurrency community. Hoskinson questioned the exclusion of major platforms like Cardano and Bitcoin, noting that Wyoming’s pro-crypto policies have historically attracted companies seeking a fair regulatory environment. Despite his frustration, Hoskinson expressed continued faith in Wyoming’s future and commitment to his investments in the state.
