Cardano’s founder, Charles Hoskinson, aims to shape US crypto policy as Cardano gains momentum
Hoskinson’s Crypto Policy Initiative in Washington
Charles Hoskinson, the founder of Cardano, recently announced a major push for crypto policy development in the US. Through his company, Input Output, Hoskinson will establish a policy office dedicated to influencing favorable cryptocurrency regulations in Washington.
Hoskinson’s Vision for Crypto Regulation
In a video posted on X on Nov. 9, Hoskinson outlined his strategy for working closely with lawmakers. “I’m going to be spending quite a bit of time working with lawmakers in Washington DC and quite a bit of time members of the administration,” Hoskinson said. He aims to collaborate with industry leaders to “foster and facilitate” crypto-friendly policies.
A New Political Landscape and Opportunity
Hoskinson believes that the current political landscape provides an ideal opportunity for crypto progress. He anticipates a Republican-led government could create favorable conditions for crypto legislation. He explained that if Republicans control the Senate, Congress, and Presidency, it will be “the best opportunity” for gaining clarity in the crypto sector. Hoskinson’s announcement followed Trump’s Nov. 6 election victory, where Trump had promised to clarify the regulatory path for the crypto industry.
Challenges Faced by the US Crypto Industry
The US crypto sector has encountered numerous regulatory challenges in recent years. Many executives argue that the country’s regulatory stance is stifling innovation. Ripple CEO Brad Garlinghouse, a prominent critic, has highlighted this issue throughout Ripple’s legal conflict with the US Securities and Exchange Commission (SEC). Garlinghouse previously noted that the US risks falling behind as a leader in blockchain and crypto if its regulatory policies do not evolve.
“Policy by the American People”
Hoskinson has voiced his stance that crypto policy should be developed by “the American people, the American crypto industry, and well-meaning lawmakers.” He criticized large corporations like BlackRock for attempting to influence US crypto regulations. “None of us signed up to have companies like BlackRock dictate to the United States what crypto policy should be,” he stated.
Building Relationships with Lawmakers
Hoskinson has personal ties with members of the Trump administration and hopes to leverage these connections. He expressed optimism about being involved in shaping future crypto policy, mentioning that he “hopes to be part of” the process when Trump takes office in 2025. Despite these ambitions, Hoskinson remains cautious, acknowledging that the policy landscape could shift as new administration members take their positions.
Moving Toward Regulatory Clarity
Ultimately, Hoskinson aims for a bipartisan bill that can deliver “absolute clarity” on key regulatory definitions, including distinctions between securities and commodities. Such clarity would allow crypto participants to “get back to business,” fostering growth in the US crypto sector.
Looking Ahead to Crypto Policy Reform
With Hoskinson’s dedicated push and the prospect of bipartisan cooperation, the US crypto industry could be on the cusp of transformative regulatory changes. As Hoskinson engages with Washington, his efforts could lead to policies that support innovation while protecting investors and maintaining market stability.
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