Cardano (ADA) founder Charles Hoskinson told Congress that self-certification of cryptocurrencies would help regulate the industry. Meanwhile, the Cardano blockchain (ADA) prepares for Hardfork Vasil.
Charles Hoskinson proposes to regulate existing 20,000 cryptos
As the crypto industry continues to grow, authorities around the world are increasingly considering ways to regulate these digital assets. For example, a hearing on the issue of crypto regulation was held in the United States Congress on June 23. Cardano (ADA) Founder Charles Hoskinson stepped in and allayed some concerns from lawmakers. During the hearing entitled The Future of Digital Asset Regulation, Representative Austin Scott asked them to make proposals to determine who will regulate the 20,000 cryptocurrencies that currently exist.
Charles Hoskinson responded with a comparison to the US Internal Revenue Service (IRS). He stated specifically:One of the strengths of our industry is the fact that regulation can become algorithmic. So you don’t have to wonder who’s going to sit down to examine that big pile. Think of the tax return and tax return. We could quadruple the size of the IRS, but we still can’t audit every American — that’s just not possible.†
The founder of Cardano (ADA) clarified that in the crypto industry “transactions themselves may contain metadataand an identity. He explained that “rules and policy makers can step back and say, “These are the things we care about, and we can make sure that these things are not restored and erased within the systems until these things are not there”.†
According to Charles Hoskinson, a self-certification system is a possible solution to the problem. †It’s actually more of a conversation about what’s important to you. And what we as technologists can do is create a system of self-certification and then what can happen is that when there are deviations or special cases, which would be rare, the CTFC or some other regulator can stand by and say “let’s do this.” to research”he stated.
When asked how this self-certification differs from a regulatory body, Hoskinson replied that there is an interconnectedness in the cryptocurrency industry, citing the existence of self-regulatory organizations (SROs), market standards and principles. He specified: “In many cases, financial regulation is primarily performed by SROs and private organizations.†
The Cardano (ADA) Blockchain Prepares for the Long-Awaited Hardfork Vasil
The Cardano (ADA) blockchain is eagerly awaiting its Hardfork Vasil, which is expected to take place at the end of July. Hoskinson said that network upgrade is almost ready be launched. He added: “The stakes have never been higher in this regard.†
According to him, Cardano is focused on conducting only regulated activities. Note that as the Hardfork approaches, Cardano (ADA) has added more than 50,000 new addresses to its network in the past month, bringing the number of wallets to more than 3.4 million.
Cardano (ADA) founder Charles Hoskinson has proposed to Congress a self-certification of cryptocurrencies to regulate the sector. At the same time, the Cardano (ADA) blockchain is preparing for the Hardfork Vasil.
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Luc Jose Adjinacou
Far from dampening my enthusiasm, a failed cryptocurrency investment in 2017 has only heightened my enthusiasm. I therefore decided to study and understand the blockchain and its many applications and to pass on information about this ecosystem with my pen.