Charles Hoskinson, Cardano founder, intends to work with the United States government to develop crypto legislation that will facilitate more transparent industry regulations.
The Cardano Founder has announced his intention to work with the U.S. government under Donald Trump to assist in the development of crypto legislation.
The objective is to establish unambiguous regulatory frameworks for the cryptocurrency sector, which has encountered numerous regulatory obstacles over the past several years.
In his most recent remarks, Charles Hoskinson disclosed these plans and asserted that the establishment of constructive policies regarding cryptocurrency necessitates the backing of both Democrats and Republicans.
This development occurs at a time when Cardano, as well as other significant blockchain networks such as Bitcoin, are still contending with legal challenges from U.S. agencies.
Charles Hoskinson, Cardano founder, serves as crypto advisor
Cardano founder has announced that his organization, Input Output Global (IOG), will establish an independent policy division dedicated to cryptocurrency regulations.
The office will concentrate on the creation of a legislative framework that integrates the provisions of the Responsible Financial Innovation Act (RFIA) and the Financial Innovation and Technology for the 21st Century Act (FIT21).
“I will work with lawmakers and the administration to get a bipartisan bill passed,” he said.
The Cardano founder emphasized the significance of collaboration across party lines, noting that the recent FIT21 bill was enacted in the House with over 60 Democrat votes, suggesting a growing consensus in favor of bipartisan crypto legislation.
Charles Hoskinson also recognized the prospective impact of a Republican-controlled Senate, House, and presidency in the years ahead. He stated that the industry may, in fact, have the opportunity to secure the legal status it so urgently requires in the current political climate. He observed,
“This is the best opportunity we have ever had in the history of the industry to get clarity.”
Creating a Policy Office for Crypto Regulation
Charles Hoskinson stated in his strategy that IOG will recruit personnel for its new policy office by the beginning of 2025. Additionally, this office will be responsible for fostering moderate regulation and engaging with the legislative branch and industry management.
In order to “promote a legislative agenda that defines securities and commodities concerning the crypto space,” Hoskinson stated that his team will begin to approach “key leaders in certain positions.”
Additionally, he stated that the industry does not desire privileges, but rather regulations that facilitate the development of new products without contravening the law.
“No one in this industry has requested a subsidy or bailout,” he stated. In the midst of these political changes, Gary Gensler, the chief of the US Securities and Exchange Commission (SEC), has been advised to resign. The crypto community is anticipating Donald Trump’s promise to terminate him on the first day following his inauguration.
Also, the Cardano founder expressed his conviction that these endeavors would generate “trillions of dollars of value and millions of jobs for the American people.”
Cardano Founder’s Position Regarding Transparent Framework
This is not the first instance in which Hoskinson has advocated for changes in crypto policies, and he is not solely doing so in support of Cardano. He indicated that regulatory certainty is crucial for not only Cardano but also for other cryptocurrencies, including XRP, Bitcoin, Ethereum, and Solana.
Charles Hoskinson has observed that the Securities and Exchange Commission (SEC) has provided uneven oversight of these ecosystems, which has resulted in their slow growth due to the absence of distinct guidelines. “The crypto policy should be formulated by the American people and the American crypto industry,” he stated, emphasizing that the current policy has impeded innovation.
Simultaneously, the Cardano creator acknowledged the robust community and adherence to the project’s founding principles, as well as his admiration for Bitcoin as the first cryptocurrency. However, he expressed dissatisfaction with the pace of innovation within the Bitcoin ecosystem, despite acknowledging that innovations such as Bitcoin OS have introduced new use cases to Bitcoin.
The price of Cardano (ADA) has reached its highest level in seven months
Hoskinson also disclosed that he has personal connections in the political arena, which he believes will encourage constructive discussions regarding crypto policy. He discussed his connections with members of the Trump administration and expressed confidence in the potential for future collaborations.
Nevertheless, he recognized that these relationships are contingent upon political changes, noting that the discussions are still in the early phases as the transition team of the new administration is established.
In the wake of these announcements, the price of Cardano (ADA) has experienced a 20% increase, currently trading at $0.5216, reaching a seven-month high. This action is consistent with ADA’s price forecast, which anticipates a potential rally to $1 if these favorable movements persist.
