Emily Walker
Charles Hoskinson, the founder of Cardano, has disclosed that there is a growing effort to create a solid regulatory framework for cryptocurrencies in the United States. During a surprise AMA session on November 17, he shared insights from his discussions with US senators and influential figures in the crypto sector, outlining a strategic plan to establish the US as a premier hub for cryptocurrency.
Charles Hoskinson’s Strategic Overview
Hoskinson emphasized that he has been actively engaging with numerous senators and important contacts in the industry, predicting that the upcoming “60 to 90 days” will be pivotal for these initiatives. He mentioned the potential for upcoming travel to Washington, D.C. next week based on schedules. He also highlighted that his team has been deeply involved in important conversations.
He laid out a three-pronged approach focusing on administrative changes, executive orders, and legislative efforts. He explained, “Administrative changes and rulemaking are the easiest but often temporary.” He pointed out that executive orders are inherently tied to the current administration’s policies, making them less reliable.
Lawmaking, on the other hand, is considered the most challenging yet crucial for sustainable impact. He aims to create a unified strategy that positions America as the top destination for crypto firms, aspiring to build a multi-trillion-dollar cryptocurrency industry domestically.
Among the critical issues Hoskinson highlighted are taxation, standards for asset custody, consumer protection, and the classification of digital assets. He called for a “Bill of Rights for crypto” to support and protect non-custodial wallets, emphasizing the need for users to freely utilize crypto as they wish, which is vital for industry expansion.
On the topic of regulatory challenges, he urged for solutions to the difficulties posed by the Securities and Exchange Commission (SEC), stating, “We need to put an end to the past few years of chaotic enforcement-driven regulations.”
In a push for unity within the industry, Hoskinson has reached out to other crypto leaders. He shared positive interactions with Brad Garlinghouse from Ripple, remarking on the importance of collaboration. Moreover, he is working toward a discussion with Leemon Baird of Hedera Hashgraph, asserting the need for the crypto community to unite and advocate for aligned policies to help the industry progress.
Hoskinson voiced a sense of optimism regarding the current political environment, noting the bipartisan desire across the House, Senate, and presidency to enact clarifying crypto policies. He believes the outcomes of recent elections present a crucial opportunity for implementing significant legislative changes. Setting an ambitious goal, he stated, “We need to pass a law within the next nine months and strategize on how to make it happen.”
He also called for a thorough collection of data from US crypto businesses to inform these efforts, encouraging firms to document their operations, customer demographics, and interactions with the government. This data would be instrumental in shaping effective policy changes and achieving the desired regulatory outcomes.
Furthermore, Hoskinson stressed the importance of aligning US regulations with international standards, citing successful frameworks from regions like Singapore, Abu Dhabi, Dubai, and Switzerland. He pledged to implement strategies that prioritize the US as a leading market for cryptocurrency after legal reforms.
In closing, Hoskinson expressed confidence in the potential for growth within the industry, believing that these efforts could usher in trillions of dollars in investments and propel innovation to new heights.
As of the latest report, Cardano is valued at $0.725.
