Charles Hoskinson, the founder of Cardano, recently revealed his ambitious plan to make the US the global leader in the cryptocurrency industry. He’s been busy talking to senators and other key players, and he thinks the next few months are critical.
The Three-Pronged Approach
Hoskinson’s plan involves three main strategies:
- Administrative Changes and Rulemaking: This is the easiest route, but the changes are temporary.
- Executive Orders: These are also temporary, lasting only as long as the current administration.
- Lawmaking: The hardest but most permanent solution. This is key to long-term success.
The goal is to combine these three approaches to create a super-friendly environment for crypto companies in the US, attracting billions of dollars in investment.
Key Issues to Address
Hoskinson highlighted several key areas needing attention:
- Taxation: Clear and fair tax rules are needed.
- Custody Standards: Safeguarding crypto assets is crucial.
- Consumer Protection: Protecting users from scams and fraud.
- Asset Classification: Defining how cryptocurrencies are legally classified.
- A “Bill of Rights” for Crypto: Protecting the use of non-custodial wallets.
He also wants to rein in the SEC, arguing that their current approach is harming the industry.
Industry Unity is Key
Hoskinson is reaching out to other crypto leaders to present a united front. He’s already spoken with Brad Garlinghouse from Ripple and is working on connecting with Leemon Baird from Hedera Hashgraph. He believes that speaking with one voice will significantly improve their chances of success.
A Tight Timeline and Data-Driven Approach
Hoskinson is aiming to get a new crypto law passed within the next nine months. To achieve this, he’s calling for US crypto businesses to provide data on their operations, customers, and interactions with the government. This data will be crucial in shaping policy. He also wants US regulations to align with international standards, looking at successful models from Singapore, Abu Dhabi, Dubai, and Switzerland.
Looking Ahead
Hoskinson is optimistic about the future, believing this plan could bring trillions of dollars into the crypto industry and fuel innovation.
