After Donald Trump won the US election, speculation circulated that Cardano founder Charles Hoskinson could be appointed to a key government role that will oversee the creation of digital currency policies.
Hoskinson confirmed he could act as the presidential advisor about legislation surrounding crypto.
Cooperation with the Trump administration
He confirmed that he is interested in working with the administration of the newly elected US President to share his expertise in creating crypto legislation.
The cryptocurrency founder said he will push for clearer regulatory frameworks to suit the cryptocurrency landscape. A positive view of the future of the sector, which has faced regulatory challenges and uncertainties in recent years.
Hoskinson stressed that there is an urgency to develop positive policies regarding cryptocurrency, which he noted will require the support of Democrats and Republican lawmakers as large digital funds face legal challenges from state authorities.
Why President Trump could choose Charles Hoskinson as crypto policy advisor:
– Experience & knowledge: He is the co-founder of Ethereum and the founder of Cardano.
– Industry Representation: He has represented the cryptocurrency industry before Congress. His ability to…— Aleksandra Huk (@HukAleksandra) November 9, 2024
ADA market cap currently at $20.3 billion. Chart: TradingView.com
A policy department regarding crypto
In a statement, Hoskinson revealed his plan to establish a crypto regulatory policy department with the help of his company, Input Output Global (IOG).
The crypto exec explained that the policy department will be primarily tasked with formulating a legislative framework that also includes the conditions set out in the US financial laws, namely: the Financial Innovation and Technology for the 21st Century Act (FIT21) and the Responsible Financial Innovation Act (FIT21). RFIA).
He pledged to work with lawmakers and Trump administration officials to pass a bipartisan crypto bill, highlighting the importance of cooperation within the US federal government.
Could Charles Hoskinson become President Trump’s crypto advisor? It would really be a wise decision. #Cardano $ADA https://t.co/xHfoaXjIlz
— Cardano YOD₳ (@JaromirTesar) November 8, 2024
Best opportunity for the industry
Hoskinson believes the current political climate could provide the cryptocurrency industry with an opportunity to gain legal status, saying the odds are in the industry’s favor.
“This is the best opportunity we have ever had in the history of the industry to get clarity,” Hoskinson noted.
He argued that the crypto sector does not require special treatment, emphasizing that digital currency players only want rules that allow them to create new products that do not break the law.
“Crypto policy should be written by the American people and the American crypto industry,” he added.
Cardano about a price increase
Speculation about the appointment of Cardano’s founder as a Trump advisor has fueled the digital currency’s growth.
Meanwhile, data shows that the digital currency has gained momentum price shot up by 32% in the last 24 hours. If investors analyze Cardano’s price movements over the past seven days, the current price represents a growth of almost 70%.
ADA price up nearly 70% in the last week. Source: Coingecko
As a result, Cardano was re-ranked as the ninth largest cryptocurrency and the seventh largest if stablecoins are excluded from the rankings.
The analysts added that the coin’s current movement is similar to previous market cycles, such as Bitcoin’s halving events.
At the time of writing, ADA is trading at $0.5804 and the cryptocurrency has a total market capitalization of over $20 billion.
Featured image of Pumpmoonshot, chart from TradingView