Cardano (ADA) founder Charles Hoskinson told the U.S. Congress that self-certification of cryptocurrencies would help regulate the industry. Meanwhile, the Cardano blockchain (ADA) Hardfork prepares for Vasil.
Charles Hoskinson Makes Proposal to Regulate 20,000 Instant Encryptors
As the crypto industry continues to grow, authorities around the world are increasingly thinking of ways to regulate these digital assets. In the US Congress, for example, a hearing was held on June 23 on the issue of crypto regulations. Cardano (ADA) founder Charles Hoskinson stepped in and addressed some of the concerns of the legislators. During the hearing entitled The Future of Digital Asset Regulation, Rep. Austin Scott asked them to make recommendations to determine who will regulate the current 20,000 cryptocurrencies.
Charles Hoskinson responded by comparing it to the U.S. Internal Revenue Service (IRS). He specifically stated:One of the strengths of our industry is that regulation can be an algorithm. So no longer need to think about who will sit down and examine this big pile. Consider the IRS and tax returns. We could quadruple the size of the IRS, but we have not yet been able to inspect every American – that is not possible.“.
The founder of Cardano (ADA) went on to clarify that in the crypto industry “transactions themselves can carry metadataand identity. He explained that “rules and policy makers can step back and say, “These are our concerns, and we can ensure that, within the systems, these things are not fixed or destroyed until things are done. present ”.“.
According to Charles Hoskinson, a self-certification system is a possible solution with the problem. “It’s really more of a conversation about what you care about. And what we as technologists can do is create a system of self – certification and then what can happen is when there are anomalies or special cases, what would be rare, then the CTFC or a regulator can another look and say “Let’s investigate this”“, he confirmed.
When asked how this self-certification differs from a regulatory body, Hoskinson replied that the cryptocurrency industry is interconnected, citing the existence of self-regulatory organizations (SROs), market standards and principles. He explained: “In many cases, financial regulation is primarily carried out by OSR and private organizations.“.
The Cardano blockchain (ADA) is preparing for the much-anticipated Vasil Hardfork
The Cardano blockchain (ADA) is eagerly awaiting its Vasil Hardfork which is expected to arrive at the end of July. Hoskinson said that network upgrade is almost ready to address. He said : “The stakes have never been higher in this regard.“.
According to him, Cardano is focused on performing only control activities. Note that Cardano (ADA) has added over 50,000 new launches to its network in the past month, bringing the number of wallets to over 3.4 million.
Cardano (ADA) founder Charles Hoskinson recommended to the US Congress the self-certification of cryptocurrencies to regulate the sector. At the same time, the Cardano blockchain (ADA) is preparing for the Vasil Hardfork.
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Luc Jose Adjinacou
Far from dampening my enthusiasm, an unsuccessful investment in cryptocurrency in 2017 only increased my enthusiasm. So I decided to study and understand the blockchain and its many uses and put forward my pen information related to this ecosystem.