Cardano Founder’s Battle Cry: Crypto Leaders Must Unite Against Regulatory Assault

Cardano Founder’s Battle Cry: Crypto Leaders Must Unite Against Regulatory Assault

March 25, 2023

On Friday (March 24),  Charles Hoskinson, who is Co-Founder and CEO of IO Global (“IOG”), the company responsible for Cardano’s research and development, expressed his support for Messari Co-Founder Ryan Selkis’ recent open letter to U.S. Congressional leaders, which called for effective crypto legislation.

Ryan Selkis, Co-Founder of Mesari, recently sent a letter to several U.S. Congressional leaders, outlining the economic and technical potential of digital assets and calling for effective crypto legislation. Selkis emphasized the urgency for Congress to act, warning that the status quo could harm the U.S. economy and national security. He also urged Congress to exercise oversight authority over financial regulators and outlined three core pieces of legislation needed to address stablecoins, banking rules, hosted exchange and custody registration norms, and token reporting/disclosure rules.

In his open letter, Selkis insisted that Congress must act urgently to foster the growth of the digital assets industry. He argued that the current regulatory environment and lack of clear guidelines could harm the country’s economy and national security. Selkis also called for increased oversight of financial regulators who, he believes, are hindering the industry’s progress.

To address the most pressing issues facing the crypto industry, Selkis proposed three core pieces of legislation. The first focuses on stablecoins and banking rules and regulations, aiming to provide a clear framework for the burgeoning market. The second piece of legislation would establish standardized norms for hosted exchange and custody registration, ensuring the security and compliance of these platforms. Finally, the third piece addresses token reporting and disclosure rules, aiming to increase transparency and accountability within the industry.

According to a report by The Daily Hodl, in response to Selkis’ open letter, the IOG CEO expressed his concerns about the government’s actions towards crypto. Hoskinson criticized the executive branch for waging a “silent war” against the industry, citing examples such as the Wells Notice sent to Coinbase and the denial of Custodia’s application to become a member of the Federal Reserve System.

Hoskinson highlighted the contradiction between the executive branch’s public statements embracing the crypto industry and its private actions, which he believes demonstrate a lack of honesty. He called on the legislative branch to step up and pass legislation to restrain the overreach currently seen in the crypto space.

Echoing Selkis’ sentiments, Hoskinson urged crypto leaders to take direct action and push back against government overreach. He praised Selkis for his letter in support of effective crypto legislation and encouraged other industry leaders to follow suit by writing letters and voicing their concerns to the legislative branch.
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