When it comes to drafting policies and regulations for the cryptocurrency space, there is no better option than hiring someone who has a great understanding of the ins and outs of digital assets. That’s what Cardano founder Charles Hoskinson was convinced when he nominated Coinbase CEO Brian Armstrong to be president. “Cryptocurrency Czar” For the administration of the next US President, Donald Trump.
Trump Eyes Crypto President
US President-elect Trump has asked his transition team to study the possibility of creating a government role exclusively responsible for formulating cryptocurrency policies, as he takes steps to fulfill a campaign promise to make his administration more friendly to the cryptocurrency sector.
Reports stated that the person appointed to the aforementioned role will be responsible for it Contact Congress and regulatory authorities such as the US Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) to implement the President’s stance on digital assets.
Regarding the idea of having a crypto official in the White House, I feel that the role should be filled with someone who is neutral, works with all protocols, and has a deep understanding of why crypto is special as well as what it is like in the US. The government under Biden made a mistake.
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– Charles Hoskinson (IOHK_Charles) November 20, 2024
However, the details of what his position will be are still vague at the moment. This position could be a senior-level staff role, or it could be a “crypto czar” with a broader role overseeing government-level policy on cryptocurrencies.
For his part, cryptocurrency founder Hoskinson believes that the proposal White House encryption expert It should be an individual with a deep understanding of why cryptocurrency is special and what the Biden administration did wrong with it.
“I feel the role should be filled by someone who is neutral, working with all the protocols,” Hoskinson explained.
Total crypto market cap at $3.23 trillion on the daily chart: TradingView.com
Brian Armstrong: The perfect choice for this role?
The Cardano founder argued that there is no better person to fill the position of crypto czar than the CEO of Coinbase, saying that Brian Armstrong, in his opinion, is the only candidate who “stands out” in the cryptocurrency industry for the role.
Brian Armstrong has become “a pillar of crypto,” Hoskinson explained, adding that the CEO was able to withstand “the unfair tactics of a government committed to regulation through enforcement.”
Coinbase founder and CEO Brian Armstrong. Source: Steven Ferdman/Getty Images
“I know he can build a broad coalition to unite the industry and help us rally the government behind real action including passing new laws,” the crypto founder commented.
Meanwhile, Hoskinson said he is also doing his part to push for better cryptocurrency regulations, saying he has collaborated with lawmakers in Wyoming to advocate for the passage of 31 cryptocurrency laws.
“I am focusing much of my efforts on the House and Senate to help facilitate legislative efforts that will forever remove the current federal government’s abuses and open the gates to the old world of crypto,” he added.
Challenges ahead
Analysts opined that the president’s positive stance on digital assets may face many challenges to make it a reality, adding that regulators will certainly make every effort to prevent the implementation of crypto-friendly proposals as they see cryptocurrencies as posing a risk to retail investors.
The opposition has argued that relaxing strict regulations on digital assets could lead to fraud and increased market instability. However, Trump appears firm in his stance and will not let critics stop him from defending cryptocurrencies, revitalizing the blockchain industry, and stimulating positive market sentiment regarding virtual currencies.
Featured image from Coinmood, chart from TradingView
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