Cardano Founder Surprised by ADA's Inclusion in U.S. Crypto Reserve

Charles Hoskinson, the founder of Cardano, has revealed that he was unaware of the U.S. government's decision to include ADA, the native cryptocurrency of Cardano, in its proposed crypto reserve. In a video released on March 5, Hoskinson expressed his surprise, stating, "We were unaware that ADA was being selected for the reserve, and this is news to me." He further added that he woke up to the news on that day.

Hoskinson's comments come amidst rumors and speculation surrounding the U.S. government's plans for a crypto reserve. The U.S. government has announced initial support for five cryptocurrencies: BTC, XRP, SOL, ETH, and ADA. Hoskinson has since endorsed ADA and XRP as safe blue chip cryptocurrencies, highlighting their longevity and resilience in the face of market challenges and team changes.

In an interview, Hoskinson characterized XRP and ADA as safe blue chip cryptocurrencies, while referring to Solana as 'kinda mid.' He expressed confidence that ADA and XRP had better ratings, which led to their inclusion in the reserve. He also acknowledged Solana's resilience, noting its ability to survive the FTX incident in 2022 and its subsequent price rebound.

Hoskinson has recommended establishing a working group to determine the selection criteria for future support. He believes that the Presidential Working Committee created in January might oversee this process and set the standard for future selection. He also suggested that the U.S. Treasury Department might be in charge of asset procurement and management.

Despite his exclusion from the upcoming White House Crypto Summit, Hoskinson has not been silent on the matter. He has challenged critics for not defining the benchmark for selecting cryptocurrencies for the U.S. digital asset reserve. The industry awaits more details about the reserve in the upcoming Crypto Summit, slated for March 7.