Cardano founder Charles Hoskinson has criticized Ripple CEO Brad Garlinghouse for supporting the US Senate Banking Committee's draft of the Clarity Act, a key piece of crypto legislation. Garlinghouse praised the draft, stating it would bring necessary clarity to the crypto industry. However, Hoskinson argued that the bill grants excessive power to the Securities and Exchange Commission (SEC), requiring crypto projects to prove decentralization to avoid being classified as securities. The Clarity Act aims to establish regulatory oversight for the crypto industry, initially placing cryptocurrencies under the SEC's jurisdiction unless proven decentralized, at which point the Commodity Futures Trading Commission would take over. The draft has sparked debate among industry leaders, with some, including Coinbase CEO Brian Armstrong, expressing concerns over the SEC's power and potential negative impacts on tokenized equities and stablecoin rewards. The Senate has delayed the bill's markup phase to allow for further discussions and adjustments.