After Donald Trump won the US elections, speculation spread that Cardano founder, Charles Hoskinson, could be appointed to a key government role overseeing the formulation of policies related to the digital currency.
Hoskinson confirmed that he might intervene in his capacity Presidential advisor On legislation related to cryptocurrencies.
Cooperation with the Trump administration
He confirmed that he is interested in working with the government of the newly elected US President to share his experience in enacting cryptocurrency legislation.
The cryptocurrency founder said that he will push for clearer and appropriate regulatory frameworks for the cryptocurrency landscape. A positive outlook for the future of an industry that has faced regulatory challenges and uncertainties in the past two years.
Hoskinson He stressed that there is an urgent need to develop positive policies related to cryptocurrencies, which he noted need the support of Democratic and Republican lawmakers as major digital funds face legal challenges from state authorities.
Why President Trump could choose Charles Hoskinson as his cryptocurrency policy advisor:
– Experience and knowledge: He is one of the founders of Ethereum and the founder of Cardano.
– Industry Representation: He has already represented the cryptocurrency industry before Congress. His ability to…– Alexandra Huk (@HukAleksandra) November 9, 2024
ADA market cap currently at $20.3 billion. Chart: TradingView.com
Cryptocurrency Policies Section
In a statement, Hoskinson revealed his plan to create a policy department to regulate cryptocurrencies with the help of his company Input Output Global (IOG).
The Cryptocurrency CEO explained that the policy department will be primarily tasked with drafting a legislative framework that also includes conditions stipulated in US financial laws, namely: the Financial Innovation and Technology Act for the 21st Century (FIT21) and the Responsible Financial Innovation Act (RFIA).
He promised that he would cooperate with lawmakers and officials in the Trump administration to pass a bipartisan cryptocurrency bill, highlighting the importance of cooperation across the US federal government.
Could Charles Hoskinson become President Trump’s cryptocurrency advisor? It would really be a wise decision. #Cardano $ada https://t.co/xHfoaXjIlz
– Cardano YOD₳ (@jaromir tesar) November 8, 2024
Best opportunity for this industry
Hoskinson believes the current political climate may offer the cryptocurrency industry the possibility of gaining legal status, saying the odds are in the industry’s favour.
“This is the best opportunity we’ve ever had in the history of the industry to get clarity,” Hoskinson noted.
He said that the cryptocurrency sector does not require any special treatment, stressing that players in the cryptocurrency space just want to have rules that allow them to create new products that do not violate the law.
“Cryptocurrency policy should be written by the American people and the US cryptocurrency industry,” he added.
Cardano prices are rising
Speculation about the appointment of the Cardano founder as an advisor to Trump has fueled the growth of the digital currency.
At the same time, data shows that the digital currency is gaining momentum and strength Prices increased by 32% In the last 24 hours. If investors analyze the price movement of Cardano in the past seven days, the current price represents a growth of approximately 70%.
ADA price up nearly 70% in the last week. Source: Coingecko
As a result, Cardano is once again ranked as the ninth largest cryptocurrency and the seventh largest cryptocurrency if stablecoins are excluded from the rankings.
Analysts added that the currency’s current movement is similar to previous market cycles, such as Bitcoin halving events.
At the time of writing, ADA is trading at $0.5804, and the total market cap of the cryptocurrency is over $20 billion.
Featured image from Pumpmoonshot, chart from TradingView