Cardano’s ADA surged 33% to $0.64 after founder Charles Hoskinson announced plans to work on U.S. crypto policy with the incoming Trump administration.
Charles Hoskinson Gives Political Advice
Cardano’s native token, ADA, experienced a substantial price increase on Sunday, reaching $0.64, its greatest point since April 2024, in response to the announcement by founder Charles Hoskinson regarding his intention to participate in the development of U.S. crypto policy.
According to CoinGecko data, the price movement culminated in a 33% increase before ultimately stabilizing at $0.58.
Hoskinson disclosed his intention to allocate a significant amount of time to collaborating with legislators in Washington, D.C. in 2025.
TapTools, a Cardano-based platform, shared a video statement of his announcement, which detailed his intention to work with members of the incoming Trump administration to assist in the development of cryptocurrency policy.
The Cardano founder underscored that his responsibilities would be to collaborate with other industry leaders to promote and facilitate crypto policy.
Although Hoskinson has not been officially appointed to any position within Trump’s team, the former president has acknowledged his willingness to consult with industry experts regarding future cryptocurrency regulations.
Hoskinson was a co-founder of Ethereum before he departed as a result of strategic disagreements with other founders. Subsequently, he founded Input Output Global (IOG), which was previously known as IOHK. IOG was responsible for the development of the Cardano blockchain platform.
Hoskinson recently disclosed his intention to establish Cardano as a Bitcoin Layer 2 solution in a strategic shift. The objective of this initiative is to leverage the security and liquidity of Bitcoin while simultaneously facilitating more scalable and rapid transactions by integrating with its network.
The Cardano ecosystem is undergoing ongoing technological advancements. In 2024, IOG intends to introduce “Midnight,” a new partner chain, according to Romain Pellerin, the company’s Chief Technology Officer, during the Staking Summit in Bangkok.
The primary objective of this native blockchain that is zero-knowledge-proof is to offer advanced privacy features and selective disclosure capabilities.
The Cardano Stake Pool Operators (SPOs) will secure the network’s operations in conjunction with the Midnight chain. These administrators will receive supplementary incentives in the form of $Night tokens, which are governed by the Cardano blockchain.
Hoskinson announced the creation of a policy division to bolster his policy initiatives. This office, which is anticipated to be completely staffed within two to three months, will be responsible for the coordination of a variety of crypto legislation, such as asset classification, stablecoins, custody standards, and tax laws.
Hoskinson underscored the significance of preserving cryptocurrency as a bipartisan issue in the United States, rather than allowing it to become politically divisive.
He acknowledged the ongoing discussions with a variety of senators and emphasized the previous legislative accomplishments, such as the Financial Innovation and Technology for the 21st Century Act.
The market’s reaction to these developments is not limited to Cardano. The cryptocurrency market as a whole demonstrated resilience, as Bitcoin reached new all-time highs exceeding $80,000 and Dogecoin reached its greatest levels in over three years.
Potential advisory roles and their structure are the subject of ongoing discussions, which include ethical guidelines and the management of conflicts of interest. Hoskinson underscored that the specifics of leadership positions and committee formations are still being developed.
Senator Scott and Senator Blackburn are currently engaged in ongoing discussions regarding the Financial Innovation Act, which is another significant legislative focus. These discussions are a component of the more extensive endeavors to create comprehensive regulatory frameworks for the cryptocurrency industry.
Hoskinson clarified that the reports of his direct leadership of U.S. crypto policy were premature, terming the situation as “very milky” with numerous ongoing discussions. He underscored the probability of a collaborative approach that involves administrative officials and industry experts.
Cardano is currently trading at $0.5717, which is indicative of the market’s reaction to these developments. The price movement is occurring in conjunction with an increase in activity from significant holders and a growing interest in the platform’s technical and political initiatives.
