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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

Why The Crypto Market Could Face A Crackdown, says Cardano’s Inventor

Reynaldo Marquez
Reynaldo Marquez
4 years ago
3 mins read
Cardano ADA ADAUSDT

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Charles Hoskinson, Cardano’s inventor, and Input-Output Global (IOG) CEO, talked about the current regulatory outlook in the United States. Hoskinson believes the crypto market will see a “long overdue” regulatory framework in the coming months.

IOG CEO stated in a new video for his YouTube channel that the current market cap of the entire crypto market will force regulators and authorities in that country to take measures. Over the past years, under the previous presidential administration, there was an environment with a lack of unity from the political parties, according to Hoskinson.

However, the current president of the U.S. Joe Biden has built his career in Washington. Therefore, has more experience negotiating with the political forces. In 2016 and 2017, the crypto market could have been regulated and taken out of its “gray zone” with a different administration.

As a result of Biden’s political skills, he managed to pass a new stimulus bill. Its new target could be an infrastructure bill with an estimated $2 trillion. Later, the presidential administration could seek an individual tax increase. This could be the turning point for the crypto market, Hoskinson said:

It is very likely that there are going to push cryptocurrency regulation in that bill, as a consumer protection package. Just as with infrastructure they rolled some part of the Green New deal it in. It is vey likely that this is going to happen.

Cardano’s Inventor Blames It On The DOGE

According to IOG’s CEO, there is a perception of a “Ponzi-like trading behavior” within the crypto market and its major trends: non-fungible tokens (NFTs), decentralized finance (DeFi), and the Dogecoin (DOGE) craze. The latter has been particularly responsible for attracting negative attention, said Hoskinson.

He further added that “copy projects” like DOGE and their total market cap, sitting right behind ADA with $40B, at the time of writing, are not “normal”. Hoskinson highlighted other flaws in DOGE design like its inflationary supply and centralization.

Cardano ADA DOGEUSDT
DOGE with heavy losses in the daily chart. Source: DOGEUSDT Tradingview

Cardano’s inventor is positive a crypto regulation will be approved because there is “unity” in the House of Representatives and the appointment of Gary Gensler as Securities and Exchange Commission (SEC) Chairman. Hoskinson said:

Gensler has a history of being very proactive with enforcement for his prior time at the CFTC and he understands our industry exceedingly well, he taught a class at MIT about cryptocurrencies. The SEC is in a position where, through enforcement and soon regulatory mandate, will be more active on enforcement towards things they will are wrong.

Hoskinson predicts the SEC, along with FinCEN and other U.S. law enforcement branches will first act on DeFi. Clarifying that he is not “endorsing” the regulator’s alleged future actions, Cardano’s inventor said these entities tend to “act” this way under a democratic administration.

Cardano, according to Hoskinson, has enough “flexibility” to endure a possible regulatory crackdown. This platform biggest strengths are “its monetary policy, and philosophy”, Hoskinson added:

When you talked about activity which could be classified as regulated, you create a toolbox for people to participate in that activity to scale and be able to do that in a way that makes their government comfortable (…). Once you have that capability (of Decentralized Identities) you can talk about regulated DeFi (…).

ADA is trading at $1,26 with a 1.9% profit in the daily chart. In the weekly and monthly, ADA has 1.9% and 4.7% profits, respectively.

Cardano ADA ADAUSDT
ADA with small gains in the daily chart. Source: ADAUSDT Tradingview
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Reynaldo Marquez
Reynaldo Marquez

Reynaldo Marquez

A literature major, Reynaldo Márquez has been deeply immersed in the crypto industry since 2017. His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide.
In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride.
He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times.
In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson’s ‘Neuromancer.’ The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau’s ‘Civil Disobedience.’
But that’s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term.
In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry.
Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

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