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Charles Hoskinson recently expressed that the US regulatory system is ill-equipped to handle the revolutionary nature of cryptocurrencies. He also stated there are a myriad of agencies who are set to regulate crypto in the United States, but that they are not prepared for “crypto assets” either.
The difficulty faced by this agency is related to how cryptocurrencies can be categorized.
Hoskinson stated, “In the U.S., we do regulation by category, calling something a security, another thing is a commodity and something else is a currency. Then regulatory bodies are built around these categories that specialize in these areas.”
He further pointed to Bitcoin and stated that it enjoys a legal tender status in El Salvador and on how it can be looked at as a commodity like gold – eventually making it difficult for authorities to categorize the asset.
Talking about the success of Cardano Hoskinson tweeted, “Math is hard. Doesn’t seem to also understand that having 200 exchanges, high liquidity, three million person community, 900+ DApps, mainstream recognition, and 24/7 uptime since launch in 2017 are all success factors. Don’t worry the next book will explain it all….”
One of the community member asked, Dear Charles I am very much anxious about the ADA what happened to it?
Charles Hoskinson: Nothing. Markets move up and down. Cardano is stronger and more useful as an ecosystem than its ever been.
The community are worried about the price because ADA has been declining for 8 months straight, the first part (a large part of the decline) of which was during the massive crypto bull run; ADA has also lost approximately 75 billion in market cap. Besides initial overexuberance, why is that?
There is an increasing number of anti-ADA campaigns doing the rounds in social media.
Investors are able to understand that the market is not on track, but the suffering of investors is true. And they strongly believe that one day ADA will rise to the moon.
It is incredibly hard for anyone to field questions related to price and the reality is that no single person can single handedly make the price of the currency increase at will.
The reality is technology adoption and price are three different things. The best technology does not always fetch the best price, because it is ultimately price that matters. And, price happens only with adoption.
