Charles Hoskinson, founder of Cardano, recently shared his thoughts on the US Crypto Infrastructure bill via a Twitter video titled “Brief Regulatory Update”. Hoskinson brought up the problematic language included in the Crypto Infrastructure bill.
The Cardano founder discussed the language used in the Crypto Infrastructure Bill, stating that:
“we are in a slightly bad position today, because the Infrastructure Bill was passed. If it's left to its own devices, by 2023 when these mandates come into place...depending on how they are interpreted and what the IRS does with it, it can cause catastrophic damage”.
Hoskinson added that the industry needs to be proactive in the way they lobby for positive cryptocurrency legislation, citing Texas and Wyoming. He added that they (Cardano) would be doing their best to lobby and bring attention to this issue.
“This is not going to be a problem that is going to self-correct, we need to work together as an industry, and as a community to be vigilant and push for” he said.
The language that Hoskinson is referring to in the Crypto Infrastructure Bill includes the definition of the term ‘broker’ which has caused a great deal of debate. Pro-crypto Senator Cynthia Lummis has advocated for clarity of that term, noting:
“I'm hopeful that in the Senate, before the end of this calendar year, that we will have a stand-alone original piece of legislation on the floor of the Senate that will define not only a broker in a very clear manner but a lot of other terms that are used in the digital asset world and that would be helpful to them as we form this framework of regulation that allows them to continue to innovate and grow”
Legislative reform is agreed upon by most as a necessary trajectory for the crypto industry to evolve and grow. As a well-known and well-respected voice in the community, Charles Hoskinson’s thoughts on the topic of regulation are likely to be heard by both the crypto community and regulators.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.