As an analyst with over two decades of industry experience, I find Charles Hoskinson’s potential involvement in shaping US crypto policy under the Trump administration intriguing. His extensive background in cryptocurrency and his role as the founder of Cardano make him a valuable asset to the table.
Charles Hoskinson, the creator of Cardano, shared his thoughts recently about his potential role in crafting U.S. cryptocurrency policy during President-elect Donald Trump’s transition period. During a live stream on YouTube last night, he discussed his aspirations and potential impacts on future crypto laws.
Will The Cardano Founder Serve Under Trump?
The creator of Cardano emphasized a “very distinct” opportunity for his role in shaping U.S. cryptocurrency regulations, while simultaneously urging caution about expectations. He explained that there are many ongoing discussions and it’s “very evident” that he will be involved to some extent in influencing U.S. policy regarding cryptocurrencies.
Hoskinson stated: “It can’t be certain that a single individual will be chosen as the ‘crypto Zar,’ while instead a group of people from both the industry and administrative branch will collaborate to determine cryptocurrency policies.” In response to rumors, he emphasized, “It is inaccurate to claim that Charles Hoskinson is guiding US crypto policy,” clarifying his potential role to maintain realistic expectations.
Delving deeper into legislative efforts, Hoskinson provided an update on significant initiatives such as the Financial Innovation and Technology for the 21st Century Act (FIT 21) and Financial Innovation (FIA) acts, emphasizing the bipartisan nature of these efforts and their importance in setting a regulatory framework. “There have already been two major efforts, one which was very successful, FIT 21, which passed the house with bipartisan support. 61 Democrats voted on it,” he highlighted.
In a recent conversation about the FIA, Hoskinson spoke of ongoing conversations with significant senators like Senator Scott and Senator Blackburn, expressing positivity regarding potential bipartisan progress. He clarified, “We’ve already initiated contacts with individuals who are in close touch with those who are working on this puzzle.
In response to the fragmented approach of the transition team, Hoskinson announced the establishment of a dedicated policy office aimed at unifying crypto legislative efforts. “We are establishing a policy office. It’s going to connect all these dots together,” he stated.
This endeavor aims to tackle significant concerns like categorizing assets, managing stablecoins, setting custody guidelines, addressing taxation matters, and enabling governments to acquire and store Bitcoin reserves. Hoskinson clarified the organization’s intentions, explaining, “our primary goal is to gather enough support so that a legislative proposal can be proposed and eventually passed.
Hoskinson touched upon the complexities and moral dilemmas associated with providing guidance on cryptocurrency regulations during the incoming Trump administration. He expressed uncertainty about the structure and guidelines for advisory roles, as well as the measures to be implemented to manage potential conflicts of interest, ethical issues, and other related matters.
In Hoskinson’s speech, he emphasized the importance of a non-partisan stance when regulating cryptocurrencies. He stated, “We must prevent cryptocurrencies in the U.S. from turning into a political matter. Instead, it should be a matter that both political parties can agree on.
Considering the wider effects of these regulations, Hoskinson remained optimistic about making significant legal advancements: “We plan to set up a policy department in the next 2 to 3 months. We’ve already started connecting with individuals who are connected to key players in this process, helping us move towards putting the puzzle together.
At press time, Cardano traded at $0.5717.
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2024-11-11 10:42