One of the biggest and most important events for cryptocurrencies just happened, but there was a surprising lack of hype and attention given to that event. Yesterday, Charles Hoskinson, founder of Cardano ($ADA.X) and co-founder of Ethereum ($ETH.X), testified to a Congressional agriculture subcommittee. The focus of the hearing was on cryptocurrency regulation. We’ll summarize below, but you can watch the entire hearing on YouTube.
Mr. Hoskinson was asked by MN Representative Michelle Fischbach, “Whether we should regulate cryptocurrencies as commodities or securities, what do you think the benefits or drawbacks are?”
Hoskinson said cryptocurrencies are more like “…financial stem cells that are more fundamental than a particular category like a currency or a commodity. It depends on the markets they’re traded on and the use and utility they have.”
Regarding regulation, he made a point that lawmakers need to identify what policy consideration they are attempting to satisfy: compliance? Consumer protection? Market stability? He continued, “We ought to have the humility to admit that innovation makes specifics difficult; we should focus on principles instead.”
Thank God Congress asked him, not some of the other big wigs in the cryptocurrency industry. Too many other cryptocurrency ‘experts’ and ‘founders’ act like morons and dress like they are an extra for the Capitol in the Hunger Games movies. Hoskinson behaved like a statesman and a professional – a perfect steward for the crypto world. 🙏