Cryptocurrency Regulations: Cardano Founder Engages Washington D.C. Policy Makers

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Cryptocurrency is currently one of the most trending topics on various social media platforms. However, while opinions are flying around, there have been endless debates on why and how the digital asset class should be regulated.

Charles Hoskinson, the CEO of Input Output Global (IOG), the firm responsible for Cardano’s research and development, has decided to take cryptocurrency regulatory matters to the next level.

In a video, the Cardano founder mentioned that he has been in touch with regulators and various blockchain associations in Washington D.C. for over a week to determine the best approach to regulating crypto.

Hoskinson also added that his meeting in Washington D.C. was crucial to increasing the acceptance of cryptocurrency among policymakers who already have misconceptions about how digital currency operates.

Cardano Moves to Conduct Regulated Businesses

Cardano has taken a step to liaise with relevant regulatory agencies to conduct regulated business, despite the challenge of irregularities in the cryptocurrency sector. 

In the video, Hoskinson added:

“The Cardano ecosystem will be engaging and has a desire to do regulated business whether it be a security token offering, whether it be regulated, or whether it be legacy financial institutions like banks adopting the protocol,”

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Cryptocurrency Community Calls for Precise Regulations

The United States’ crypto community, reacting to a viral video of the Securities and Exchange Commission chairman, has called for clear regulatory clarity, which would guide how crypto players would operate.

The SEC plans to control the cryptocurrency market, as expressed by Gary Gensler in a recent video.

And once the SEC’s request comes to pass, it will eliminate the Commodity Futures Trading Commission (CFTC) from getting involved with cryptocurrency regulatory matters. Nevertheless, the SEC has failed to provide clear regulations that will determine the characteristics of cryptocurrency.

The Cardano boss stated that he believes the cryptocurrency industry will get the relevant regulation it has demanded for years, adding:

“We will continue as a community to become more decentralised and resilient and diverse.”

Hoskinson did not fail to talk about the ongoing work at Cardano, which is focused on making the blockchain more scalable, faster, and more resilient.

As the launch of the Vasil Hard Fork edges closer, the Cardano community is eager to see the blockchain become the favourite network for decentralised application (dApp) developers.

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