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 ORDuring the November 17 session, Hoskinson described his recent engagements with US Senators and key figures in the crypto industry, outlining a multi-pronged strategy to position the US as a global leader in the crypto space.
Cardano founder reveals his plan
Hoskinson stated that he has “spoken to a lot of different senators and certainly spoken to 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 DC in the coming week, depending on scheduling and the availability of other stakeholders. “I already have some embedded people who have had some pretty deep conversations,” he added, highlighting his team’s deep involvement in ongoing discussions.
He outlined a comprehensive plan that included three major paths: administrative changes and regulations, executive orders, and legislation. “What can be done through administrative changes and regulations,” he said, noting that these are the “easiest but very short-lived.” He acknowledged the temporary nature of executive orders, stating that they “live and die by the government.”
Legislation, described as ‘the most difficult but most permanent’, is essential for creating lasting impact. “The hope is to come up with 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 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 to be addressed, including tax, custody standards, consumer protection and asset classification. He emphasized the need for a “Crypto Bill of Rights,” advocating for the support and defense of non-custodial wallets. “Ensuring that we can use crypto the way we want to use crypto,” he said, is essential to the growth of the industry.
To address regulatory overreach, Hoskinson called for resolving issues with the Securities and Exchange Commission (SEC). “So we can get the SEC out of this madness that we’ve seen in recent years and an end to regulation through enforcement,” he asserted.
In a move toward industry unity, Hoskinson has reached out to other crypto leaders. “I had a great phone call with Brad (Garlinghouse) from the Ripple community,” he says revealed. “He is a good CEO. He’s a good guy too. I’ve known him for years and it feels good to be in the same team again.”
He is also in the process of connecting with Leemon Baird, co-founder and chief scientist of Hedera Hashgraph. “We are currently in the process of setting up a phone call,” the Cardano chief said. “We have traveled back and forth and the secretaries work together.” He emphasized: “It is time for us to come together, speak with one voice, and get policy where it is needed so that crypto can go to the next level.”
Hoskinson expressed his confidence in the current political climate. “The House, Senate and Presidency are all united in their desire to get a crypto policy passed that cleans up this mess,” he noted. Now that the elections are behind him, he believes there is an opportunity for decisive action. “Whether you like them or not, they have to lead and get things done.” He has set an ambitious timeline: “We have to do that in the next nine months have a law passedand we have to figure out how to make that happen.”
To achieve these goals, Hoskinson called for extensive data collection from US crypto companies. “All US crypto companies need to be investigated and actually put on record who they are, what they do, who their customers are, how they make their money and most importantly, what is going on with the US government and them. ”, he explained. This information would contribute to a concerted effort to influence policy. “That can be used to drive 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 U.S. regulations with international standards. He said he looked at frameworks of the Monetary Authority of Singapore (MAS), regulators in Abu Dhabi and Dubai, and the Swiss FINMA. “We can say, ‘Okay, this is what they’re doing, and this is what we’re going to do after the law and after the changes, and guess what? We’re going to be number one. That’s the goal,” he stated.
Concluding his remarks, Hoskinson expressed optimism about the industry’s potential. “That will bring trillions of dollars into the industry and take us to the next level of innovation,” he said.
At the time of writing, Cardano was trading at $0.725.
Featured image from YouTube, chart from TradingView.com