In a recent livestream on YouTube, Charles Hoskinson, the visionary founder of Cardano, shared his thoughts and potential contributions to the evolving landscape of cryptocurrency legislation in the United States. This comes amid the transition period under President-elect Donald Trump, where the future of crypto policy is under keen observation.
Will The Cardano Founder Serve Under Trump?
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Charles Hoskinson highlighted the promising yet uncertain potential for his involvement in shaping U.S. crypto policy. He called for tempered expectations, underscoring the evolving nature of the discussions. “Things are very milky and many discussions are happening, and it’s very clear that I’m going to be involved in some capacity influencing policy in the United States,” Hoskinson stated.
Hoskinson further elaborated on the complexity of the situation, noting, “It’s impossible to definitively say that, for example, one person is going to be selected as a crypto czar versus a large committee of industry experts and administrative officials working together to determine a course of action.” He aimed to dispel misconceptions, clarifying, “It’s misinformation to say that Charles Hoskinson is leading U.S. crypto policy,” setting realistic expectations regarding his potential role.
Significant Legislative Initiatives
Hoskinson delved deeper into ongoing legislative efforts, providing updates on pivotal initiatives like the Financial Innovation and Technology for the 21st Century Act (FIT 21) and Financial Innovation (FIA) acts. He emphasized the bipartisan support these efforts have garnered, highlighting their significance in establishing a robust regulatory framework. “There have already been two major efforts, one which was very successful, FIT 21, which passed the house with bipartisan support. Sixty-one Democrats voted on it,” he noted.
Discussing the FIA, Hoskinson mentioned active dialogues with key Senate figures, including Senator Scott and Senator Blackburn, expressing optimism about potential bipartisan advancements. “We have already begun reaching out to individuals directly connected to various people who are starting to put these pieces together,” Hoskinson explained.
Establishing a Unified Policy Office
In response to the fragmented approach of the transition team, Hoskinson announced the formation of a dedicated policy office aimed at unifying crypto legislative efforts. “We are establishing a policy office. It’s going to connect all these dots together,” he declared.
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 elaborated on the office’s objectives, stating, “The sole purpose of that organization is to try to pull enough together so that a law can work its way through.”
Challenges and Ethical Considerations
Hoskinson also acknowledged the challenges and ethical considerations inherent in advising on crypto policy under the upcoming Trump administration. “It’s unclear how advisorships are going to work, how many there are going to be, and what controls are going to be put in place for conflicts of interests, ethics, and other such things,” he noted.
The Need for Bipartisanship
A significant focus of Hoskinson’s address was the necessity for a bipartisan approach to regulation. “We cannot allow cryptocurrencies in the United States to become a partisan issue. It needs to become a bipartisan issue again,” he stressed.
Looking Ahead: Achieving Legislative Progress
Reflecting on the broader implications of these regulations, Hoskinson remained hopeful about achieving substantial legislative progress. “We will have a policy office that will be fully staffed probably within the next 2 to 3 months. We’ve already begun reaching out to people that are directly connected to various people that are starting to put these pieces together,” he shared.
At the time of writing, Cardano was trading at $0.5717.
