Cardano founder, Charles Hoskinson, revealed that efforts to create a comprehensive regulatory framework for cryptocurrencies in the United States are gaining significant momentum. In “Surprise or“In the November 17 session, Hoskinson detailed his recent engagements with US Senators and key figures in the cryptocurrency industry, outlining a multi-faceted strategy to position the United States as a global leader in cryptocurrency.
Cardano founder reveals his plan
Hoskinson said he is “talking to a lot of different senators and certainly interacting with the right people,” noting that the next “60 to 90 days” will be critical in seeing how these efforts come together. He indicated the possibility of traveling to Washington, D.C., next week, depending on the schedule and availability of other stakeholders. “I already have some people embedded who have been involved in very deep conversations,” he added, stressing the depth of his team’s involvement in the ongoing discussions.
He outlined a comprehensive plan that includes three main avenues: administrative changes and rulemaking, executive orders, and lawmaking. “What can be done through administrative changes and rule-making,” he said, noting that these are “the easiest, but they are fleeting.” Acknowledging the temporary nature of executive orders, he stated that they “live and die by administration.”
Enacting laws, described as “the most difficult but most lasting,” is essential to creating a lasting impact. “The hope is to come up with a unified package of the three to make America the best place in the world for cryptocurrency companies,” he explained. “So we can have them all come here to the United States, and we can create a multi-trillion-dollar cryptocurrency industry on its soil.”
The Cardano founder highlighted several important areas that need to be addressed, including taxation, custody standards, consumer protection, and asset classification. He stressed the need for a “Cryptocurrency Bill of Rights,” which calls for supporting and defending non-custodial wallets. “Making sure we can use cryptocurrencies the way we want to use cryptocurrencies is essential to the growth of the industry,” he said.
Addressing regulatory overreach, Hoskinson called for resolving issues with the Securities and Exchange Commission (SEC). He stressed: “Until we can get the SEC out of this madness that we have witnessed in the past few years, regulation through implementation comes to an end.”
In a move toward industry unity, Hoskinson reached out to other cryptocurrency leaders. “I had a great phone call with Brad (Garlinghouse) from the Ripple community,” he revealed. “He’s a good CEO. He’s a good guy too. I’ve known him for years and it’s good to be back in the same team.”
He is also in the process of connecting with Lemon Bird, co-founder and chief scientist of Hedera Hashgraph. “We are now setting up a call,” the Cardano boss said. “We’ve been going back and forth, and the trustees are working with each other.” “It is time for us to come together, speak with one voice, and put policy where it needs to be so that cryptocurrencies can reach the next level,” he stressed.
Hoskinson expressed confidence in the current political climate. “The House, Senate, and Presidency are all united in wanting to pass a cryptocurrency policy that cleans up this mess,” he noted. With the election over, he believes there is an opportunity for decisive action. “Like it or not, they have to lead, they have to get things done.” He set an ambitious timetable: “In the next nine months, we have to pass a law, and we have to figure out how to make that happen.”
To achieve these goals, Hoskinson called for comprehensive data collection from US cryptocurrency companies. “All US cryptocurrency companies need to conduct a survey and need to write down who they are, what they do, who their customers are, how they make their money, and most importantly, what is going on with the US government and with them. This information would fuel a unified effort to influence On policy. “This can be used to make changes in policies, executive orders, as well as laws to get the industry where it needs to go,” he said.
The Cardano founder also stressed aligning US regulations with international standards. He mentioned looking at frameworks from the Monetary Authority of Singapore (MAS), regulators in Abu Dhabi and Dubai, and FINMA in Switzerland. “We can say: ‘Okay, this is what they are doing, this is what we will do after the law and after the changes, and guess what? We will be number one.’ That is the goal,” he declared.
Concluding his remarks, Hoskinson expressed optimism about the industry’s potential. “This will bring trillions of dollars to the industry, taking us to the next level of innovation,” he said.
At the time of writing, Cardano was trading at $0.725.
Featured image from YouTube, chart from TradingView.com