Cardano founder steals the show at Congressional hearing on crypto regulation
and US Parliamentary Commission Hearing On June 23, Cardano founder Charles Hoskinson commented on the future of cryptographic regulation.
The purpose of the hearing was to discuss the effectiveness of current regulations with a view to implementing a future framework.
Lack of regulatory clarity is a headache for the industry. These days, this is seen in many examples of brute force enforcement measures by US regulatory agencies.
However, on behalf of the industry, Hoskinson advocated a developer position and explained how public-private partnerships would be in the best interests of all involved.
Is cryptocurrency a securities or a commodity?
The The US House of Representatives Agricultural Commission, Commodity Exchange, Energy, and Credit Subcommittee focused on bridging the regulatory oversight gap in digital asset markets.
In his position as an expert witness, Hoskinson Regarding regulation, he pointed out that “innovation makes details difficult.”
Therefore, regulations should focus on principles rather than developing specific rules for individual events. As an example of the principles, the founders of Cardano have decided on the risks to protect, the rights users should have, and how to use the tools for “the greatest benefit possible”.
Regarding the regulation of cryptocurrencies as commodities or securities, Hoskinson He said the problem is more complicated than resolving binary arguments.
“When we look at cryptocurrencies in general, I’ve always considered them as financial stem cells. They’re more basic than certain categories, such as currencies and commodities.”
To that end, the alternative debate is holistic, taking into account public policy considerations based on what regulators want to achieve, such as sanctions compliance, consumer protection, and market stability. It’s an approach.
“So I don’t think it’s wise to say whether it’s a securities or a commodity, or do you fall into this temptation of who is a more tolerant regulatory agency or what is arbitrage? Rather, take a step back and say what you want to prevent. “
Cardano founder steals show
Social media feedback on Hoskinson’s performance in the hearing was overwhelmingly positive.
One twitter comment The founder of Cardano said he enlightened the Commission in a pure class. another I congratulated him on his wonderful job of representing the entire crypto industry “really well”.
Charles did a great job! He had to assert himself in the conversation, but he made the most of the moments he was able to get.He represented # CardanoIOG, and the whole space are really working.
— Genius Yield Official (@GeniusyieldO) June 23, 2022
The case is stated. It is now up to the Commission to move this forward for a more equitable and holistic approach to cryptographic regulation.
