During a recent Twitter Spaces discussion hosted by US law firm BakerHostetler, Cardano ($ADA) founder Charles Hoskinson shared his frustration with the lack of regulatory clarity at U.Hoskinson, a co-founder and CEO of Input Output Global (“IOG”), the blockchain technology company behind Cardano’s R&D, said Perianne Boring, Founder and President of the Digital Chamber of commerce that the Digital Products Consumer Protection Act issue was being addressed by the US Senator Debbie Stabenow and John Boozman is that it does nothing for asset classification (i.e., it facilitates the determination of whether a given crypto-asset qualifies as a commodity or a commodity value for regulatory purposes):
“A few weeks ago, I met with the CFTC Chairman and two CFTC officers. And he mentioned the Stabenow law, and I was surprised because it was the first time I’d heard anyone talk about it, and there’s much buzz in D. about it. The rumor on the street appears to have better political prospects than the potential RFIA [Responsible Financial Innovation Act ed.] “The problem is, as you just mentioned, while Bill expands the scope of the CFTC’s powers and gives it more budget and more capabilities, the problem is that the bill does nothing to classify assets… The problem is that you don’t know how to cross the fence and when you can and can’t, and then facts and circumstances change. And US law doesn’t give you the ability to switch with it.
“So, for example, Ethereum was evidence of a labor machine, and there appears to be a consensus amongst a number of the commissioners that at that moment [ed: i.e., June 2018, when William Hinman gave his famous speech] Ethereum becomes now no more extended protection or as a minimum didn’t have sufficient protection-like houses so that no coverage attention will be happy with the aid of using pursuing, however, that now, it’s an evidence of stake machine and statistics and instances of its operation are extraordinary after which possibly now it’s far protection. Who knows?
“You know, they’re no longer going to take a legitimate function one manner or the different. And so, we want a few shapes of steerage from lawmakers approximately how we’re going to determine this one manner or the other. This has been a middle deficiency in all proposed rules, like The Token Taxonomy Act or other things, outside of a few earlier payments. However, the ones that don’t have any political potential are at the back of them.
“So, it’s frustrating for me because I just want to know what the standards are and how to meet them and what needs to be done and if those are sustainable standards, and the problem is I’m still in a Regulation Live Compliance environment. and an environment of “rusting” when we have radical differences in politics every two or four years due to political changes.
On October 13, Hoskinson explained the importance of regulation that values the benefits of cryptocurrencies. According to a report by The Daily Hodl, the IOG operative officer|corporate executive|business executive} said: “We got to get [to the] next level. As several of you know, we want Cardano and cryptocurrencies to become the world’s monetary operating systems. And my great passion in life has always been to bank the unbanked and give them the economic identity they control, which is self-sovereign and ultimately global and respects human rights, association, trade – and freedom of expression guaranteed.
“To achieve this, there must be a regulatory system that recognizes the existence of cryptocurrencies, views them as positive things, and values the freedom they bring to people.