Charles Hoskinson, the founder of Cardano, has revealed new insights into his potential involvement in shaping United States crypto policy during the ongoing transition period under President-elect Donald Trump. In a livestream on Sunday night on YouTube, Hoskinson outlined his vision and possible contributions to future crypto legislations.
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The Cardano founder emphasized the “very clear” potential for his involvement in influencing US crypto policy, while also urging moderation in expectations. “Things are very milky and many discussions are happening and it’s very clear that I’m going to be involved in some capacity influencing policy in the United States,” he stated.
Hoskinson added: “It’s impossible to definitively say that for example one person is going to be selected as a crypto Zar versus a large Committee of people in industry and people in the administrative Branch are going to come together and figure something out.” Addressing rampant speculation, Hoskinson clarified, “It’s misinformation to say that Charles Hoskinson is leading US crypto policy,” aiming to set realistic boundaries around his prospective role.
Delving deeper into legislative efforts, Hoskinson provided an update on significant initiatives such as the Financial Innovation and Technology for the 21st Century Act (FIT 21) and Financial Innovation (FIA) acts, emphasizing the bipartisan nature of these efforts and their importance in setting a regulatory framework. “There have already been two major efforts, one which was very successful, FIT 21, which passed the house with bipartisan support. 61 Democrats voted on it,” he highlighted.
Discussing the FIA, Hoskinson mentioned ongoing dialogues with key Senate figures, including Senator Scott and Senator Blackburn, expressing optimism about potential bipartisan advancements. “We have already begun reaching out to people that are directly connected to various people that are starting to put these pieces together,” Hoskinson explained.
In response to the fragmented approach of the transition team, Hoskinson announced the establishment of a dedicated policy office aimed at unifying crypto legislative efforts. “We are establishing a policy office. It’s going to connect all these dots together,” he stated.
This initiative seeks to address critical issues such as asset classification, stablecoins, custody standards, taxation, and the government’s ability to purchase and hold Bitcoin reserves. Hoskinson elaborated on the office’s objectives, stating, “the sole purpose of that organization is going to be to try to pull enough together so that a law can work its way through.”
Hoskinson also discussed the challenges and ethical considerations inherent in advising on crypto policy under the upcoming Trump administration. “It’s unclear how advisorships are going to work, how many there are going to be, and what controls are going to be put in place for conflicts of interests, ethics, and other such things,” he noted.
A significant focus of Hoskinson’s address was the need for a bipartisan approach to regulation. “We cannot allow cryptocurrencies in the United States to become a partisan issue. It needs to become a bipartisan issue again,” Hoskinson stressed.
Reflecting on the broader implications of these regulations, Hoskinson remained hopeful about achieving substantial legislative progress: “We will have a policy office that will be fully staffed probably within the next 2 to 3 months. We’ve already begun reaching out to people that are directly connected to various people that are starting to put these pieces together.”
At press time, Cardano traded at $0.5717.
Featured image created with DALL.E, chart from TradingView.com
