After Donald Trump won the US election, there has been speculation that Cardano founder Charles Hoskinson could be appointed to a key government role to oversee the creation of digital currency policies.
Hoskinson confirmed that he may step in as an adviser to the president on crypto-related legislation.
Dealing with the Trump Administration
He confirmed that he is interested in working with the administration of the newly elected US president to share his expertise in creating crypto legislation.
The crypto founder said he would push for clear regulatory frameworks appropriate for the cryptocurrency space. It’s a positive outlook for the future of an industry that has faced regulatory challenges and uncertainty over the past few years.
Hoskinson emphasized that there is an urgency to develop positive policies involving cryptocurrency, noting that it needs the support of Democrats and Republican lawmakers as major digital currencies face legal challenges from federal authorities.
Why President Trump would choose Charles Hoskinson as crypto policy advisor:
– Experience and knowledge: He is the founder of Ethereum and the founder of Cardano.
– Industry representation: He has already represented the cryptocurrency industry before Congress. His ability to…— Aleksandra Huk (@HukAleksandra) November 9, 2024
ADA market cap currently at $20.3 billion. Chart: TradingView.com
Policy Section About Crypto
In a statement, Hoskinson revealed his plan to establish a division of crypto regulatory policy with the help of his company, Input Output Global (IOG).
The crypto exec explained that the policy division will mainly be tasked with creating a legal framework that includes the principles set out in the US financial laws, namely: Financial Innovation and Technology for the 21st Century Act (FIT21) and Responsible Financial Innovation Act (RFIA).
He promised to work with lawmakers and Trump administration officials to pass a bipartisan crypto bill, highlighting the importance of cooperation across the US federal government.
Could Charles Hoskinson be President Trump’s crypto advisor? It can be a really smart decision. #Cardano $ADA
— Cardano YOD₳ (@JaromirTesar) November 8, 2024
The Industry’s Best Opportunity
Hoskinson believes that the current political climate could give the cryptocurrency industry an opportunity to gain legal status saying that the odds are in the industry’s favor.
“This is the best opportunity we’ve ever had in the history of the industry to be clear,” Hoskinson noted.
He pointed out that the crypto sector is not asking for special treatment, stressing that digital currency players only want to have rules that will allow them to create new products that do not violate the law.
“Crypto policy should be written by the American people and the American crypto industry,” he added.
Cardano On A Price Surge
Speculation about the appointment of Cardano’s founder as an adviser to Trump fueled the digital currency’s growth.
Meanwhile, data shows that the digital currency has gained momentum and its price increased by 32% in the last 24 hours. If investors analyze Cardano’s price movements over the past seven days, the current price represents a growth of almost 70%.
ADA price up nearly 70% in the last week. Source: Coingecko
As a result, Cardano is also ranked as the ninth largest cryptocurrency and the seventh largest when stablecoins are excluded from the rankings.
Analysts added that the coin’s current movement is similar to previous market cycles, such as Bitcoin’s halving events.
At the time of writing, ADA is trading at $0.5804 and the cryptocurrency has a total market capitalization of over $20 billion.
Featured image from Pumpmoonshot, chart from TradingView