Cardano founder Charles Hoskinson has criticized a new crypto bill, arguing that it would classify XRP as a security at its inception. Hoskinson claims the bill places an undue burden on crypto projects to prove they are not securities, potentially trapping them in regulatory limbo. He highlighted that under the bill's framework, XRP would have been considered an investment contract asset when it launched, due to its centralized distribution and reliance on its founders. Hoskinson warned that the bill could set a dangerous precedent for new innovations, as it implies all projects start as securities. He expressed concern that this could create bureaucratic challenges for the SEC to target future American cryptocurrency projects. Ripple CEO Brad Garlinghouse, however, supports the Clarity Act, emphasizing the need for regulatory clarity over chaos.