Charles Hoskinson is making moves in Washington, D.C. He plans to open a new office focused on cryptocurrency policy. This initiative aims to build bipartisan support for regulations that benefit the crypto industry.
Recently, news of this plan sent Cardano’s price soaring by over 35%, hitting $0.60. That’s the highest it’s been since April 2024!
As the co-founder of IOHK, Hoskinson wants to work directly with lawmakers. He believes in advocating for clear and sensible regulations. He stated, “No one in the crypto industry has asked for special rules or treatment.” This shows his commitment to fair practices.
Hoskinson argues that fair regulations could add trillions of dollars in value and create millions of jobs. He emphasized, “The crypto policy should be written by the American people, the American crypto industry, and well-meaning lawmakers who are willing to take the time to listen.”
He hopes to have his policy office up and running by January 2025. His focus will include initiatives like repealing SAB 121 and pushing forward Senator Cynthia Lummis’ crypto bill.
SAB 121 is a controversial SEC rule. It requires companies holding digital assets for clients to list them as liabilities. Critics say this rule discourages institutional investment. On the other hand, Lummis’ Responsible Financial Innovation Act aims to clarify the legal status of digital assets and create guidelines for their integration into the U.S. financial system.
There were also rumors that incoming President Donald Trump might appoint Hoskinson as his crypto policy advisor. However, Trump has not confirmed this.
Kyle Baird is the Weekend Editor for DL News. If you have any tips, feel free to reach out at [email protected].