Cardano founder urges regulatory regime to appreciate the freedom crypto gives people

Charles Hoskinson, the co-founder of decentralized finance (DeFi) platform Cardano (ADA), has delved into the crypto regulatory debate and shared his views on how the government should approach the topic.

According to Hoskinson, for the sector to thrive, there is a need for a regulatory regime that takes into account the benefits of digital assets to the masses, he said during an October 13 videocast.

“There needs to be a regulatory regime that recognizes the existence of cryptocurrencies, sees them as positive things and values ​​the freedom they bring to people. So this is the time to figure out how to put all these pieces together and create something that we can all live with, thrive in and innovate now, he said.

Crypto as a financial operating system

Hoskinson added that with regulations, cryptocurrencies have the potential to become a financial operating system by catering to the needs of the masses, such as solving the unbanked challenge.

“We want Cardano and cryptocurrencies in general to become the world’s financial operating systems, and my great passion in life has always been to bank the unbanked and give the unbanked financial identity that they control the sovereign and ultimately global nature and secure human rights , freedom of association, trade and freedom of expression,” he added.

At the same time, Hoskinson pointed out that the US is taking the right steps regarding crypto regulation, while estimating that a comprehensive law could come out next year. In particular, he pointed out that the White House Executive Order on crypto development may merge with other bills.

US crypto regulation

Furthermore, he believed that a bill with two parties could also be passed in the United States. It is worth pointing out that the US Congress is currently reviewing several bills to guide the digital asset sector.

Indeed, Hoskinson, who affirmed that he works with people at the center of the drafting of regulations, noted that both the US legislative branch and the executive branch had shown good will to regulate the sector.

As reported by Finbold, Hoskinson had previously told the US Congress that the debate on crypto regulation could potentially be resolved by a self-certification system while referring to the function of the Internal Revenue Service (IRS).

Watch the full interview below:

Featured image via Messari YouTube