Following a trip to Washington, DC, Cardano’s founder discusses the legislative change in the United States.
Last week, Cardano founder Charles Hoskinson led a team to Washington, DC, to learn more about pending legislation in the United States. The team spoke with prominent agencies and organizations, such as the Commodity Futures Trading Commission (CFTC), to “get a clearer feel of where things are headed” in terms of legislative improvements in the United States. The first is Rep. Glenn Thompson’s Digital Commodities Exchange Act, which he presented in late April 2022. Hoskinson commented on this, saying that the law clarifies Initial Coin Offerings (ICOs) and token trading. In the end, it wants to treat crypto assets more like commodities, rather than the way they’re now considered as securities.
The Lummis-Gillibrand bill, like the Digital Commodities Exchange Act, is thought to be unlikely to succeed in its current form. Nonetheless, Hoskinson stated that both measures are causing debate in Washington, which he hopes will eventually lead to politicians realizing what is required to move the crypto business forward in the United States. Finally, the Biden Executive Order attempts to bring the executive branches of the United States closer together by requiring reports on the responsible development of digital assets. Hoskinson believes that all three “will smash into each other,” culminating in a “compromise agreement,” as he put it. Hoskinson didn’t elaborate on what this may mean.
Before signing off, the Cardano founder felt it was important to highlight that during his visit to Washington, DC, he discovered that “some elements of the Bitcoin community” were lobbying Congress to prefer BTC over other cryptocurrencies. This took the form of advocating for all crypto assets to be categorized as securities, with the exception of Bitcoin. Hoskinson believes this is a means to “de-legitimize or outlaw” Proof-of-Stake cryptocurrencies, which he finds disappointing.
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