As a seasoned researcher with years of experience in the cryptocurrency realm, I find Charles Hoskinson’s strategic approach to establishing a comprehensive regulatory framework for cryptocurrencies in the United States both intriguing and commendable. His life experiences have undoubtedly shaped his perspective, enabling him to navigate the complexities of this dynamic industry with a keen understanding of its potential and challenges.
Charles Hoskinson, founder of Cardano, shared that initiatives aimed at creating a thorough regulatory structure for cryptocurrencies within the United States are picking up speed. During an impromptu Q&A session on November 17th, Hoskinson disclosed his recent interactions with U.S senators and influential figures in the crypto industry, discussing a strategic approach to establish the U.S as a worldwide leader in the cryptocurrency sector.
Cardano Founder Reveals His Plan
Charles Hoskinson shared that he’s had discussions with various senators and is actively engaging key figures. He highlighted the importance of the next 60 to 90 days as a period when these efforts will likely coalesce. Additionally, he hinted at a possible trip to Washington D.C. within the upcoming week, contingent on schedules and the accessibility of other parties involved. He also noted that there are already team members deeply engaged in ongoing conversations about this matter.
He detailed a thorough strategy with three main approaches: adjusting policies and regulations, issuing decrees, and legislative actions. “What can be accomplished through policy adjustments and rule changes,” he pointed out, highlighting these as the “least complex but quite transient.” Acknowledging the short lifespan of executive orders, he emphasized that they “survive only as long as the administration does.
Crafting laws is considered “the toughest yet most enduring,” and it’s crucial for establishing long-lasting effects. The goal is to assemble a unified set of the three key elements, aiming to make the U.S. the top destination in the world for cryptocurrency businesses. By doing so, we can attract these companies to the United States, fostering a massive onshore cryptocurrency industry that could potentially be worth trillions of dollars.
The creator of Cardano emphasized several important issues requiring attention, such as taxation policies, safety measures for digital assets, consumer protection, and categorization of assets. He strongly suggested a “Charter of Digital Rights for Cryptocurrencies,” focusing on protecting and upholding the use of non-custodial wallets. Essentially, he believes that allowing individuals to utilize cryptocurrency freely is vital for the industry’s development.
In an effort to tackle excessive regulatory intervention, Hoskinson advocated for finding solutions with the Securities and Exchange Commission (SEC). Essentially, his aim was to put a stop to the chaotic situation we’ve witnessed over the past few years and bring an end to the practice of regulation by enforcement.
In an effort to foster unity within the cryptocurrency sector, Hoskinson has connected with fellow crypto leaders. He shared that he had a pleasant conversation with Brad [Garlinghouse] from Ripple‘s community. “He’s an excellent CEO,” he said, “and he’s not just good in his role, but he’s a great person too. I’ve known him for quite some time now, and it’s refreshing to be working together again.
I am currently coordinating a call with Leemon Baird, co-founder and Chief Scientist of Hedera Hashgraph. We have been exchanging messages, and our secretaries are working together to arrange the conversation. It’s crucial that we collaborate, speak in unison, and advocate for policies that will drive cryptocurrency innovation forward.
Charles Hoskinson expressed optimism about the present political situation, stating that all three branches of government – The House, Senate, and presidency – share a common goal of passing legislation to clarify crypto policies. Now that elections are over, he sees an opening for decisive action. Essentially, he believes these leaders should take charge and accomplish their tasks, saying “Whether they’re popular or not, it’s their responsibility to lead and get things done.” Hoskinson has set a challenging deadline: “In the next nine months, we need to pass a law, and we must work out how to make that happen.
As an analyst, I’m advocating for a thorough data collection initiative involving all U.S.-based cryptocurrency businesses. The objective is to gather essential details such as their identities, operations, customer demographics, revenue sources, and interactions with the U.S. government. This information will serve as a powerful tool in our collective push for policy reform, executive orders, and legislative changes that can guide the industry towards its desired trajectory.
The creator of Cardano also stressed the importance of conforming U.S. regulations with global norms. He suggested examining guidelines from financial authorities such as the Monetary Authority of Singapore (MAS), regulators in Abu Dhabi and Dubai, and Switzerland’s FINMA. In essence, he stated, “We’ll observe what they do, make adjustments after laws and changes are implemented, and our aim is to become the best. That’s our goal.
Wrapping up his speech, Hoskinson conveyed a sense of positivity regarding the future growth prospects of the industry, stating that it could generate trillions of dollars and drive innovation to new heights.
At press time, Cardano traded at $0.725.
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2024-11-19 02:42