With the popularity and growth of cryptocurrency, the community has frequently been exposed to several dilemmas due to the uncertainty of the industry’s future. Blockchain technology, while recognized as a concept that can help and grow several fields of commerce and economics is still to position itself as a safe and fully recognized asset in the eyes of major government institutions all around the world.
While certain countries are hinting at their policies potentially being pro-crypto, there are still a lot of doubts surrounding the technology in several other nations
The U.S and its love-hate relationship with cryptocurrency have been popular for a while. Cardano Head Charles Hoskinson addressed the same in a meeting with congressmen recently.
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About Charles Hoskinson
Charles Hoskinson is one of the most influential figureheads in the cryptocurrency industry. He became popular as one of the co-founders of Ethereum, the 2nd largest cryptocurrency in the world currently by market cap. However, he left the team due to some disagreements regarding the future course of the project.
Following this, he founded two other major players in the sector. The first one was Input-Output Global, which was created to provide an infrastructure for blockchain-related research and engineering companies. The second major project by Hoskinson is Cardano, a decentralized public blockchain platform that gained huge popularity and a vast community. Cardano is currently one of the major contenders for the top cryptocurrency ecosystems.
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What did Cardano Founder Say?
The discussion was held on Thursday, where he testified to the House Subcommittee on Commodity Exchanges, Energy and Credit of the U.S. The meeting was set due to a letter sent out by a community of technologists, who stated that cryptocurrencies had no real value and were the cause of several issues in the country like increasing crime rate, scams and pollution.
Hoskinson argued about the transparency question put forward in the letter by saying that Bitcoin, the top crypto currently has every transaction ever made recorded publicly. It was clear that cryptocurrencies and the entire ecosystem revolving around them itself are based on decentralization and them being open source.
He appealed for self-regulating organizations made possible by blockchain tech in order to create an unbiased and just system for everyone who had doubts regarding cryptocurrency companies and their functioning. He said that engineers should have autonomy over the working of their projects.
He followed this statement by bringing to light, the fact that banks too have the autonomy to carry out KYC without any interference from the SEC or other authorities. The same type of treatment should be given to cryptocurrency companies, majorly considering that is still in its infancy.
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He requested the panel to consider setting up a regulatory framework but leaving the compliance part to the industry itself. However, he did criticize and show his disapproval of category-based regulation, which will need to rely on centralized actors for reporting and disclosure. As a concept that thrives on decentralization, he believes that this could be a hindrance in seeing that through.
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