Charles Hoskinson, the visionary founder of Cardano, has shared exciting updates on progress being made towards establishing a robust regulatory framework for cryptocurrencies in the United States. In a recent “Surprise AMA” session held on November 17, Hoskinson outlined his strategic engagements with US senators and prominent figures within the crypto industry, aiming to position the US as a global leader in the burgeoning crypto space.
Unveiling Hoskinson’s Visionary Plan for Crypto in the US
Hoskinson explained his proactive steps, stating, “I’ve been engaging with a wide array of senators and key stakeholders,” emphasizing the importance of the next “60 to 90 days” in solidifying these efforts. He hinted at potential travel to Washington, D.C., contingent on scheduling and stakeholder availability, revealing, “I have team members deeply involved in these critical conversations.”
Key Pillars of the Regulatory Strategy
Hoskinson outlined a comprehensive strategy focused on three primary avenues: administrative updates, executive directives, and legislative actions. He highlighted the ease yet ephemeral nature of administrative changes, the temporary impact of executive orders, and the enduring influence of legislative measures. “The ultimate goal is to craft a consolidated package making America a prime destination for crypto enterprises,” he declared, envisioning a thriving multi-trillion-dollar cryptocurrency industry within the United States.
Addressing Critical Areas for Crypto Growth
The Cardano founder identified crucial areas requiring attention, including tax regulations, custody standards, consumer protections, and asset classification. He advocated for a “Bill of Rights for crypto,” emphasizing the importance of supporting non-custodial wallets. “We must ensure the flexibility to use crypto as desired,” he stressed, underscoring its significance for industry expansion.
Collaborative Efforts Across the Crypto Industry
In a bid to foster unity within the crypto sector, Hoskinson has initiated outreach to other industry leaders. “I had a fruitful discussion with Brad Garlinghouse from Ripple,” he revealed, highlighting their collaborative spirit. Additionally, he is coordinating with Leemon Baird, co-founder and Chief Scientist of Hedera Hashgraph, to align efforts. “It’s time for unity, to speak with one voice, and advance policy to propel crypto to new heights,” he emphasized.
Seizing Opportunities in the Political Landscape
Hoskinson expressed confidence in the current political climate, noting, “The House, Senate, and presidency are aligned in their intent to establish clear crypto policies.” With elections behind, he sees an opportunity for decisive action. “Leadership must act decisively to clean up the current regulatory environment,” he remarked, setting a nine-month timeline for legislative progress.
Gathering Crucial Industry Data
To drive these initiatives forward, Hoskinson called for comprehensive data collection from US crypto businesses. “Every American crypto business needs to participate in a survey detailing operations, customer base, revenue streams, and interactions with the US government,” he explained. This data will underpin a unified effort to influence policy, executive orders, and legislative changes necessary for industry advancement.
Aligning with Global Standards
Hoskinson emphasized the importance of aligning US regulations with international standards. He referenced frameworks from the Monetary Authority of Singapore, regulators in Abu Dhabi and Dubai, and Switzerland’s FINMA. “By adopting best practices, we can establish the US as a global leader in crypto regulation,” he proclaimed.
Optimism for the Future of the Crypto Industry
Concluding his remarks, Hoskinson expressed optimism about the potential of the crypto industry. “This strategic plan will attract trillions in investments, driving innovation to new heights,” he affirmed.
