Charles Hoskinson, founder of Cardano, has revealed new insights into his potential involvement in shaping cryptocurrency policy in the United States during the ongoing transition period under President-elect Donald Trump. In a live feed On Sunday night on YouTube, Hoskinson outlined his vision and potential contributions to future cryptocurrency legislation.
Will the Cardano founder serve under Trump?
The Cardano founder stressed the “very clear” potential for his involvement to influence US cryptocurrency policy, while also urging moderation in expectations. “Things are very nuanced, there are many discussions going on, and it is very clear that I will be involved in some capacity to influence policy in the United States,” he said.
Hoskinson added: “It’s impossible to say definitively that for example one person will be chosen as Zar’s cryptocurrency versus a big committee of people in the industry and people in the administrative branch will get together and come up with something.” Addressing the rampant speculation, Hoskinson explained: “It is misinformation to say that Charles Hoskinson is leading US cryptocurrency policy,” aiming to set realistic boundaries around his potential role.
Delving deeper into legislative efforts, Hoskinson provided an update on important initiatives such as the Financial Innovation and Technology for the 21st Century Act (FIT 21) and the Financial Innovation Acts (FIA), emphasizing the bipartisan nature of these efforts and their importance in defining the regulatory framework. “There have actually been two major efforts, one of which was very successful, FIT 21, which passed the House with bipartisan support. Sixty-one Democrats voted for it,” he noted.
Discussing the FIA, Hoskinson mentioned ongoing dialogues with key figures in the Senate, including Senator Scott and Senator Blackburn, expressing optimism about potential progress between the two parties. “We actually started reaching out to people who were directly connected to different people who were starting to put these pieces together,” Hoskinson explained.
In response to the transition team’s fragmented approach, Hoskinson announced the creation of a dedicated policy office aimed at unifying crypto-related legislative efforts. “We are creating an office of policy. It will connect all of these dots together,” he said.
This initiative seeks to address critical issues such as asset classification, stablecoins, custody standards, taxation, and the government’s ability to purchase and hold Bitcoin reserves. Hoskinson explained the office’s goals, saying: “The sole purpose of this organization is to try to put together enough so that the law can work.”
Hoskinson also discussed the challenges and ethical considerations inherent in providing advice on cryptocurrency policy under the incoming Trump administration. He pointed out that “it is not clear how the consultations will work, how many there will be, and what controls will be put in place in the event of conflicts of interest, ethics and other things like that.”
A big focus of Hoskinson’s speech was the need for a bipartisan approach to organizing. “We cannot allow cryptocurrencies in the United States to become a partisan issue. It must become a bipartisan issue again,” Hoskinson stressed.
Reflecting on the broader implications of these regulations, Hoskinson remained optimistic about significant legislative progress: “We will have a policy office that will be fully staffed probably in the next two to three months. We’ve already started reaching out to people who are directly connected to different people who are starting In putting these pieces together.
At the time of writing, Cardano was trading at $0.5717.
Featured image created with DALL.E, a chart from TradingView.com
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