Cardano co-founder Charles Hoskinson has, in an extensive interview, highlighted the potential shift of the crypto industry under the new US administration. According to him, authorities need to build proper regulations for the industry to introduce the necessary clarity needed for growth.
Crypto is joining forces to push innovation.
Cardano x Multiverse x Algorand x Hedera could work together to push U.S. Policy to promote innovation. My full interview with Charles Hoskinson is linked below. ADA governance, Midnight Airdrop, and U.S crypto policy.
— big pey (@bigpeyYT) December 8, 2024
Hoskinson also disclosed that the industry was heading in the wrong direction under the previous administration with “brutal” crackdowns and aggressive enforcement actions. To salvage the situation, he proposed three things that need to be done in the short term:
Firstly, he expects the US Securities and Exchange Commission (SEC), under new leadership, to withdraw the lawsuits filed unfairly against crypto companies, including Coinbase and Kraken.
Secondly, he advised that the government devise a strategy based on crypto’s role in the country. According to him, this could be done through direct collaboration between the branches of government. To shed more light on this, Hoskinson disclosed that a policy office would be set up to aggressively discuss the industry.
More on the Crypto Regulations in the US
Hoskinson further disclosed that he has reached out to several crypto key players, including the leaders of Hedera Hashgraph, Algorand, and Multiverse, for an extensive discussion. Additionally, he hinted that he would speak to people involved in drafting the crypto laws to discuss what happened to the industry in the past three years and what needs to be changed. Specifically, this would be bordered around asset classifications (the security or commodity status of cryptos).
Thirdly, the Cardano co-founder suggested that there should be an international harmonization strategy to push the US to the same position as Europe, the Middle East, and Asia, which have already taken the lead.
This interview follows the massive expectations that the US president-elect Donald Trump would make the US the crypto center of the world, create Bitcoin strategic reserves, and create a favorable atmosphere for the industry to thrive.
Days after the US election, Hoskinson echoed a similar remark:
I’m going to be spending quite a bit of time working with lawmakers in Washington DC and quite a bit of time with members of the administration to help foster and facilitate with other key leaders in industry the crypto policy.
Recently, CNF reported that former SEC Commissioner Paul Atkins has been appointed to replace Gary Gensler as the Agency’s leader. This comes after Ripple CEO Brad Garlinghouse criticized the SEC for putting the US at severe risk of falling behind as a crypto and blockchain hub. According to him, crypto policies should be written by the “American people, the American crypto industry, and by well-meaning lawmakers.”
None of us signed up to have companies like BlackRock dictate to the United States what crypto policy should be.