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Comprehensive cryptocurrency legislation pushed to 2025, Cardano founder says
Cardano founder on where blockchain is most effective
Charles Hoskinson, a founder of the Cardano blockchain platform and co-founder of the Ethereum blockchain platform, argues blockchain removes a central party and allows for people to work in a decentralized way.
As panic continues to ripple through the cryptocurrency markets, industry experts and investors alike worry that the latest crypto crash will further disparage the industry in the eyes of Washington policymakers.
Following a rollercoaster 72 hours when $409B worth of the global crypto market cap was wiped out, founder of the Cardano blockchain platform, Charles Hoskinson, hosted a live Twitter spaces call for his 911,000 (and counting) followers where he discussed the current state of the crypto market and its implications on the industry’s future.
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"I think we'll probably be waiting until 2025 for real change to occur," Hoskinson told FOX Business. "I have zero faith in the party of Elizabeth Warren and these others that they're actually going to meaningfully influence crypto above and beyond."
The conversation surrounding cryptocurrency in Washington has been largely dominated by both Elizabeth Warren, a fierce crypto critic, and Gary Gensler, head of the Securities and Exchange Commission, who has vowed to crack down on the digital assets space using a "regulation-by-enforcement" approach in an attempt to control the rapidly expanding digital asset industry. Indeed, earlier this month, the SEC announced it would nearly double its crypto enforcement team, adding 20 new positions to the Crypto Assets and Cyber Unit, bringing the total number of staff to 50.
Today, Gensler doubled down on his view that most cryptocurrencies are indeed securities and need to be regulated under the purview of the SEC. He also caused fresh waves across the industry by suggesting that cryptocurrency exchanges like Binance and Coinbase are trading against their customers, meaning they’re able to obtain intel and take advantage of trades before their customers do.