Charles Hoskinson, the founder of Cardano, is a strong supporter of cryptocurrency. He was recently on a tour in Africa to partner with some countries (South Africa, Uganda, Tanzania etc) on the adoption of Cardano.
Cardano Founder Claims US Infrastructure Bill Contains Very “Bad Words”
Hoskinson briefly presented some regulatory updates on November 16. Following the recent US infrastructure bill, he mentioned that the bill contained some very “bad words”. Hence, there have been some measures to correct this, but it is difficult for them to make progress under the recent US Crypto law.
Cardano revealed that the US Crypto approval could have disastrous consequences for the US Crypto industry. As a result, some things just went down the chart. Concurrently, two pieces of legislation are going to be proposed. Also, he explains that one piece of the legislation in the coming weeks is going to focus on eliminating negative and destructive language in the infrastructure bill.
In addition, Hoskinson reiterated that if the Crypto community can rise and make adjustments, it will bring the Crypto space back to its original location. However, there is an unresolved question of how to deal with the broader cryptocurrency space. According to him,several other groups in the Senate will propose a larger bill.
He noted that the time has come to take the bull by its horns and pass something specific to crypto. At this point, they will do as much as they can on their side to the lobby.
He added that the industry was disadvantaged by the passage of the Infrastructure Act. If these guidelines are left to their own devices when they come into effect in 2023, it could cause catastrophic damage, depending on how it is interpreted and handled by the Internal Revenue Service (IRS).
Charles Hoskinson stressed that the first call is to clean up the damage and then go back to the previous baseline of the Crypto industry. Then the next goal will be to encourage legislative reforms to reorganize overall cryptocurrency oversight in the United States.
In short, he affirmed that the world is moving forward and regardless of US policy, it will not slow down or stop cryptocurrency. On the contrary, it will leave many Americans unemployed and affect the next generation of the American economy as well. As a result, this will lag far behind the United States.
What is all the hype about the infrastructure bill?
Starting in 2023, cryptocurrency exchanges will have to record transactions and track them for the IRS. You must disclose the name, address and telephone number of the customer as well as the entire sales proceeds and any sales gains or losses. Likewise, companies that receive cryptocurrency payments of $10,000 or more must report the sender’s identity to the government.