Following Donald Trump’s victory in the US elections, there are rumors that Charles Hoskinson, the founder of Cardano, could play a significant role in shaping digital currency policies.
Hoskinson has indicated he may take on the role of advisor to the president regarding cryptocurrency legislation.
Working with the New Administration
He has expressed interest in collaborating with the incoming administration to provide valuable insights into crypto policy development.
The Cardano creator aims to advocate for more defined regulations that align with the evolving digital currency landscape. He holds a hopeful view on the future of the crypto sector, which has faced various regulatory hurdles in recent years.
Hoskinson emphasized the urgency of establishing constructive crypto policies, noting the necessity for bipartisan support as leading digital currencies grapple with legal issues from state governments.
Why President Trump might select Charles Hoskinson as a crypto policy advisor:
– Extensive experience: He co-founded Ethereum and established Cardano.
– Industry voice: He has previously represented crypto interests before Congress.— Aleksandra Huk (@HukAleksandra) November 9, 2024
Creating a Crypto Policy Division
In his recent announcement, Hoskinson revealed plans to form a policy division focused on crypto regulations through his company, Input Output Global (IOG).
He explained that this division will primarily work on establishing a legislative framework that aligns with existing US financial regulations, including the Financial Innovation and Technology for the 21st Century Act (FIT21) and the Responsible Financial Innovation Act (RFIA).
Hoskinson committed to working alongside lawmakers and officials from the Trump administration to forge a bipartisan crypto bill, stressing the importance of cooperation within the federal government.
Could Charles Hoskinson become President Trump’s crypto advisor? It would truly be a wise move. #Cardano $ADA
— Cardano YOD₳ (@JaromirTesar) November 8, 2024
Opportunity for the Crypto Sector
Hoskinson is optimistic that the current political environment might pave the way for the cryptocurrency sector to achieve legal recognition, asserting that the conditions are favorable.
“This is the best opportunity we have ever had in the history of the industry to get clarity,” Hoskinson stated.
He clarified that the crypto industry isn’t seeking special privileges but desires regulations that would enable the innovation of products within legal boundaries.
“The framework for cryptocurrency should be defined by the American populace and the crypto sector itself,” he added.
Cardano’s Surge in Value
Speculation regarding Hoskinson’s potential advisor role has energized Cardano’s market performance.
Recent data indicates that Cardano’s value surged by 32% within a 24-hour period. Observing the price changes over the past week, there has been a substantial rise of nearly 70% in its value.
Consequently, Cardano now ranks as the ninth-largest cryptocurrency overall and is the seventh-largest when excluding stablecoins.
Market analysts have noted that the current trends resemble those seen during previous cycles, such as with Bitcoin’s halving events.
At present, ADA is trading at $0.5804 with a market capitalization exceeding $20 billion.
Image source: Pumpmoonshot, chart from TradingView
