Assessing whether Hedera’s US presentation can wind up cryptoregulatory heat
- The Hedera Hashgraph team spoke to the US delegation about the blockchain ecosystem.
- The degradation of the ecosystem remains constant, but HBAR’s price increased.
Hedera [HBAR]the enterprise-class decentralized public network was given an opportunity to discuss the idea behind its project at a meeting at the US State Department.
The event, which covered the private sector discussionsoffered Hedera the chance to explain how decentralized projects help some of the country’s goals.
1/3 Today at @POTUS‘ #SummitForDemocracy, #Honour has committed to convene a democracy round table on how #blockchain technologies can and do support human rights, #transparencyand #sustainability through #DLT-enabled applications.
— Hedera (@hedera) March 29, 2023
Realistic or not, here it is HBAR’s market cap in BTC terms
A dive into the world of the untamed
Created by Hedera Hashgraph LLC, a cryptography company in the United States, Hedera public network facilitates the use of smart contracts to validate transactions and reduce data manipulation.
This, and details about the usability of Distributed Ledger Technology (DLT) were the talking points shared by the project.
However, it is necessary to point out that the address does not immediately translate into the country’s decline on the crypto clampdown.
For some time, the United States, led by the Securities and Exchange Commission (SEC), has shown contempt for crypto firms and several existing tokens.
This same contradictory position has driven the case along Ripple [XRP] to escape dissolution for over two years. The world’s largest exchange Binance has not been left out. And Ethereum [ETH]a symbol that has been around for eight years has been labeled a security by the Gary Gensler-led administration.
It is therefore highly unlikely that the solution Hedera has extended will end the year-long hunt. In fact, it has worsened to the point that the SEC chairman asked for more funds to continue his “oversight”.
In his testimony For the US Financial Services Committee, Gensler had requested $2.43 billion to advance the commission’s activities in 2024.
While his statement largely avoided a direct attack on crypto, he stopped short of labeling the ecosystem as “non-compliant.”
HBAR is rising
However, the broader market seemed unfazed by Gensler’s gimmicks. On March 29, Bitcoin [BTC] temporarily drained $29,000. However, the coin has been able to maintain its value above $28,000 since then.
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Hedera’s involvement with the authorities was certainly not expected to affect growth. But the token has been able to turn up the initial seven-day deficit. At press time, HBAR traded hands at $0.064, bringing its 24-hour performance to a 3.38% uptick.
According to CoinMarketCap, trading volume during the same period increased by 164%. The volume measures the total amount of transitions that occurred in a network.
Therefore, the increase simply means that an increased number of HBAR tokens have been bought and sold regardless of gains or losses.
