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Cardano founder Charles Hoskinson has revealed that efforts to establish a comprehensive regulatory framework for cryptocurrencies in the United States are gaining significant momentum. In a “Surprise AMA” session on November 17, Hoskinson detailed his recent engagements with US senators and key figures in the crypto industry, outlining a multifaceted strategy to position the US as a global leader in the crypto space.
Cardano Founder Reveals His Plan
Hoskinson stated that he has been “talking with a lot of different senators and definitely engaging with the right people,” indicating that the next “60 to 90 days” will be crucial in seeing how these efforts come together. He mentioned the possibility of traveling to Washington, D.C., in the coming week, depending on scheduling and the availability of other stakeholders. “I already have some embedded people that have been in pretty deep conversations,” he added, emphasizing the depth of his team’s involvement in ongoing discussions.
He outlined a comprehensive plan involving three key avenues: administrative changes and rulemaking, executive orders, and lawmaking. “What can be done through administrative changes and rulemaking,” he said, noting these are the “easiest but very ephemeral.” Recognizing the temporary nature of executive orders, he stated that they “live and die by the administration.”
Lawmaking, described as “the hardest but most permanent,” is essential for creating lasting impact. “The hope is to figure out a consolidated package of the three to make America the best place in the world for crypto companies,” he explained. “So we can get them all to come here in the United States, and we can create a multi-trillion-dollar cryptocurrency industry onshore.”
The Cardano founder highlighted several critical areas that need addressing, including taxation, custody standards, consumer protection, and asset classification. He stressed the necessity of a “Bill of Rights for crypto,” advocating for the support and defense of non-custodial wallets. “Making sure that we can use crypto the way we want to use crypto,” he said, is essential for the industry’s growth.
Addressing regulatory overreach, Hoskinson called for resolving issues with the Securities and Exchange Commission (SEC). “So we can get the SEC out of this insanity that we’ve seen the last few years and the regulation through enforcement to come to an end,” he asserted.
In a move toward industry unity, Hoskinson has reached out to other crypto leaders. “I had a wonderful phone call with Brad [Garlinghouse] from the Ripple community,” he revealed. “He’s a good CEO. He’s a good guy too. I’ve known him for years, and it feels good to be back on the same team.”
He is also in the process of connecting with Leemon Baird, co-founder and Chief Scientist of Hedera Hashgraph. “We’re right now in the process of getting a call set up,” the Cardano chief said. “We’ve been going back and forth, and secretaries are working with each other.” He emphasized, “It’s time we come together, speak with one voice, and we get policy where it needs to be so crypto can get to the next level.”
Hoskinson expressed confidence in the current political climate. “The House, the Senate, and the presidency are all unified in wanting to get crypto policy passed that cleans up this mess,” he noted. With elections concluded, he believes there’s an opportunity for decisive action. “Whether you like them or not, they’ve got to lead, and they’ve got to get stuff done.” He has set an ambitious timeline: “In the next nine months, we’ve got to get a law passed, and we’ve got to figure out how to make that happen.”
To achieve these goals, Hoskinson called for comprehensive data gathering from US crypto businesses. “All the American crypto businesses need to get a survey and need to actually write down who they are, what they do, who their customers are, how they make their money, and most importantly, what’s been going on with the US government and them,” he explained. This information would feed into a unified effort to influence policy. “That can be used to get the policy changes, the executive orders, and also the laws to get the industry where it needs to go,” he said.
The Cardano founder also emphasized aligning US regulations with international standards. He mentioned looking at frameworks from the Monetary Authority of Singapore (MAS), regulators in Abu Dhabi and Dubai, and Switzerland’s FINMA. “We can say, ‘Okay, well, this is what they do, and this is what we’re going to do post-law and post-changes, and guess what? We’re going to be number one. That’s the goal,’” he declared.
Concluding his remarks, Hoskinson expressed optimism about the industry’s potential. “That will bring trillions of dollars into the industry, get us to the next level [of] innovation,” he said.
At press time, Cardano traded at $0.725.
Featured image from YouTube, chart from TradingView.com
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