Cardano founder explains to US government how to regulate 13,000 crypto

The United States has been struggling for some time to determine how Cryptocurrencies Must be properly regulated. The Securities and Exchange Commission (SEC) is engaged in a power struggle with the Commodity Futures Trading Commission (CFTC). At the time Awesome 13.000 different cryptos. So how exactly does it work? Cardano (ADA) Founder Charles Hoskinson has a tight plan.

Advised by Cardano founder Charles Hoskinson

HooThe US Congress consulted with him. In the investigation into the future of digital asset regulation, he came up with a creative approach that even bureaucrats in the SEC and CFTC did not consider. You can not control 13,000 cryptocurrencies, even if most of it goes to zero and disappears from circulation.

Precisely because the property class is so complex and so large, it is difficult to get many government agencies into trouble. Hoskinson, manual, thinks the government is not good enough to handle the “old-fashioned” complexity. Hoskinson:

One of the positive sides of the industry [van cryptocurrencies] May become a regulatory algorithm. Then you do not have to assign individuals to individual projects. We will change the size [Amerikaanse Belastingdienst] Four times, but we still can not control every American. That alone is not possible.

Control without Gary Jensler

That is why he proposes to create a system that will regulate cryptocurrencies itself. Transactions include metadata, which can be used in a hypothetical setting. If you as a controller have a clear picture of what is allowed and what is not allowed, you can use it to organize metadata automatically.

⁇Then what is important to you [als toezichthouder] What we as technicians can do to create a self-regulatory system. And about what to do with special events that are rare. Then you, the CFTF or any other government body, can solve this problem seriously, ”said the Cardano developer.

According to Hoskinson, self-regulatory bodies already exist, and the parties in the crypto industry are highly interconnected, he says. Problems can come to light very quickly. You do not need (immediately) control of the SEC’s Gary Zensler. Jensler is the one who got his name Strict policy⁇