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The Founder of Cardano Describes Cryptocurrency Regulations to the US Congress

Dave - Cryptocurrency Enthusiast

  • According to Charles Hoskinson, Congress should create regulations for cryptocurrencies but put enforcement in the hands of software designers
  • Hoskinson thinks laws for the cryptocurrency sector should be more clearly established
  • According to Hoskinson, the industry should be responsible for the compliance, not the regulatory bodies

Cardano co-founder Charles Hoskinson discussed cryptocurrency regulation in front of the US Congress. He explained to the representatives why he thinks transparency is an important industry value.

Two of the financial regulators battling it out for control in the cryptocurrency field are the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).

During a time when Congress is considering how to regulate the Bitcoin investment industry, Hoskinson provided testimony. The hearings are a part of the legislative process to better understand technology and its implications for investors, consumers, and the financial system.

According to Hoskinson, because cryptocurrencies can store and transport data, a significant piece of this regulatory task might be completed automatically. He also cited the private banking industry as a model for regulation compliance in order to argue in favor of enabling the crypto industry to create self-regulatory organizations (SRO).

Hoskinson stated in a testimonial published on the IOHK website on June 23 that she would be open to collaborating with federal authorities to create new criteria. "Compliance with laws and regulations from the United States must be a driving value for the blockchain sector." Hoskinson's requests for more distinct limits in the crypto regulatory environment mirror those voiced by other American industry leaders. The SEC has repeatedly rejected spot Bitcoin ETFs from entering the US market, according to SEC Commissioner Hester Peirce, who stated this in December of last year. Peirce claimed that the Bank of New York Mellon's (BNY Mellon) cryptocurrency intentions increase the urgency with which US authorities must act to obtain additional clarification.

As cryptocurrency regulation is inevitable there is a need for trusted cryptobrokers that are in line with the regulations. One such cryptocurrency broker is BCBitcoin where you can buy and sell cryptoccurenncy and trade crypto against major fiat currencies: EUR and GBP.

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