Last week, Cardano founder Charles Hoskinson led a group to Washington DC to assess forthcoming US legislation.
The team spoke with significant bodies and organisations, such as the Commodity Futures Trading Commission (CFTC), to “get a clearer feel of where things are headed” in terms of legislative improvements in the United States.
“I’ve spent this entire week meeting with different lobbying groups, advocacy groups, attending events, meeting with Congressional staff and staff of the US Senate, as well as members of different bodies like the CFTC, and try to get a better sense of where things are going.”
Hoskinson summarized the findings by mentioning three ongoing actions that crypto investors should be aware of.
Cardano’s founder reveals legislative breakthroughs.
The first is Rep. Glenn Thompson’s Digital Commodities Exchange Act, which he introduced in late April 2022.
In response, Hoskinson stated that the bill clarifies Initial Coin Offerings (ICOs) and token trading. Ultimately, it wants to shift the treatment of crypto assets away from their existing status as a security and toward the handling of commodities.
The Lumis-Gillibrand measure, which Hoskinson described as “much more comprehensive in breadth” than the Digital Commodities Exchange Act, is also noteworthy.
“this bill is significantly more comprehensive in scope. it covers many different areas from taxes to self-regulatory organizations. It has some discussion on commodities and securities, and notions like sufficiently decentralized.”
The Lummis-Gillibrand bill, like the Digital Commodities Exchange Act, is thought to be unlikely to succeed in its current form. Nonetheless, Hoskinson stated that both proposals are sparking debate in Washington, which he hopes will eventually lead to lawmakers realizing what is required to propel the US crypto industry forward.
Finally, the Biden Executive Order seeks to integrate the executive branches of the United States by requiring reporting on the responsible development of digital assets.
Tying this together, Hoskinson said that he believes all three “will collide into each other,” resulting in a “compromise agreement.” Hoskinson did not elaborate on what this could mean.
“It’s my belief that these three things will collide into each other and so form, if there is any will or desire to pass legislation, that the end of these three things colliding will be some form of compromise agreement.”
Bitcoin kings have spoken up.
Before signing off, the Cardano founder thought it was important noting that during his visit to Washington DC, he discovered that “some members of the Bitcoin community” were lobbying Congress to favor BTC over other cryptocurrencies.
This took the form of advocating for the classification of all crypto assets, except Bitcoin, as securities.
“I did discover that certain members of the Bitcoin community are actively telling lawmakers to write into legislation that everything but Bitcoin is a security.”
According to Hoskinson, this is a means to “de-legitimize or outlaw” Proof-of-Stake cryptocurrencies, which he finds upsetting and unsatisfactory.