Cardano co-founder Charles Hoskinson has, in an extensive interview, highlighted the potential shift of the crypto industry under the new U.S. administration. According to him, authorities need to establish proper regulations for the industry in order to provide the necessary clarity for its growth.
Crypto is joining forces to push innovation.
Cardano x Multiverse x Algorand x Hedera could collaborate to push U.S. policy in favor of innovation. My full interview with Charles Hoskinson is linked below. ADA governance, Midnight Airdrop, and U.S. crypto policy.
pic.twitter.com/UwewAMUnyD— 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 remedy the situation, he proposed three actions that need to be taken in the short term:
Firstly, he expects the U.S. 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 develop a strategy based on crypto’s role in the country. According to him, this could be achieved through direct collaboration between government branches. To provide more clarity on this, Hoskinson revealed that a policy office would be established to aggressively discuss the industry.
More on Crypto Regulations in the U.S.
Hoskinson further revealed that he has reached out to several key players in the crypto space, including the leaders of Hedera Hashgraph, Algorand, and Multiverse, for an in-depth discussion. Additionally, he hinted that he would engage with individuals involved in drafting crypto laws to analyze what happened to the industry over the past three years and what changes need to be made. Specifically, this would focus on asset classifications (the security or commodity status of cryptocurrencies).
Thirdly, the Cardano co-founder suggested that there should be an international harmonization strategy to position the U.S. on par with Europe, the Middle East, and Asia, which have already taken the lead in crypto regulations.
This interview comes amidst the widespread expectations that U.S. President-elect Donald Trump would make the U.S. the crypto hub of the world, create Bitcoin strategic reserves, and foster a favorable environment for the industry to thrive.
Days after the U.S. election, Hoskinson made a similar statement:
“I’m going to be spending quite a bit of time working with lawmakers in Washington D.C. and quite a bit of time with members of the administration to help foster and facilitate, along with other key industry leaders, 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 U.S. at severe risk of falling behind as a crypto and blockchain hub. According to Garlinghouse, crypto policies should be crafted 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.”