Cardano founder Charles Hoskinson promotes cryptoregulation

What needs to happen for meaningful crypto-regulation to become a reality and for lawmakers not to gain too much power over industry? Charles Hoskinson recently spoke at length about the regulation of the industry – and the risks and benefits that come with it.

Cardano founder Charles Hoskinson traveled to Washington DC to chat with officials about and promote cryptocurrency law in the United States. Hoskinson has always been an advocate for comprehensive and meaningful cryptoregulation and advocates for a decentralized world. Hoskinson wants the various companies in the crypto industry to work together so that lawmakers do not gain too much power over the industry. For him, this step is absolutely necessary.

Cardano: cryptoregulation desired

In April 2022, Hoskinson proposed using blockchain technology for international regulation of cryptocurrency, while arguing that the U.S. government is not adequately prepared for crypto regulation. In the country, different cryptocurrencies are assigned different asset classes, which in turn have their own rules. This makes cryptoregulation unnecessarily complicated. For example, bitcoin can be seen as a currency (as in El Salvador or Portugal), a security or as a tangible asset (such as gold) – depending on the legal situation in a country. This in turn makes national and international cooperation between crypto projects and authorities more difficult.

Then, on May 27, 2022, the Cardano founder shared his experience and vision for cryptocurrency regulation in a YouTube video. He wants a sensible regulation of the cryptocurrency Cardano:

“The Cardano ecosystem will be involved and we want to conduct regulated business, whether it is a security token offer, whether it is regulated or it is older financial institutions like banks that embrace the protocol and their desire to keep charters. “

Hoskinson announced that he will continue to work with organizations such as DCC, the Blockchain Association and others to open up opportunities for collaboration. He also explained that they engage in political discussions with legislators and, when draft laws are presented to them, provide feedback on how to make it more effective.

Cardano: An image from BeInCrypto.com

Charles Hoskinson: “Together instead of against each other”

While Charles Hoskinson has been critical of the current crypto-regulation, he is optimistic about the future, although there is still much “work to be done.” According to his own statement, he was also happy with the cooperation with the authorities.

In addition, Hoskinson encouraged people in the crypto industry to work with each other instead of against each other. In his opinion, the cooperation between the crypto companies is crucial for the future of the industry:

“Together as an industry, we have trillions of dollars in economic value and a very strong voice. If we compete and fight each other, point fingers, swear at others or try to use the process to harm each other’s business when we do not reach that goal (meaningful crypto-regulation ) nor the goal of legitimizing and stabilizing the industry. Instead, we will leave it to the old players, who will then never relinquish power. It is a decision we must make. We must stick together, otherwise we will part. So I will do my part, and I hope you do yours. “

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