The founder of the Cardano blockchain platform Charles Hoskinson says that further crypto regulation in the United States is virtually an inevitability.
In a new video, Hoskinson argues that the massive valuation of the crypto industry makes it necessary for regulators to evaluate the space more closely.
“There is no reality that a government as regulation-friendly as the United States government will allow an industry with a market capitalization of over a trillion dollars to be unregulated or to live in this weird gray area of enforcement.”
The Cardano creator explains that the US lacks “comprehensive regulation” on cryptocurrencies due to the political gridlock and hyper-partisanship experienced in the U.S. capital over the last half a decade.
“The only reason why we haven’t already seen comprehensive regulation in the cryptocurrency space is because of the political morass of the last five years, six years in Washington. Nothing is getting done.”
Hoskinson adds that had the Republican Party nominated a different candidate for President, such as former Florida governor Jeb Bush rather than ex-President Donald Trump in 2016, the U.S. would have rolled out cryptocurrency regulations by the end of 2018.
“If we had a different Republican President in 2016, there would have already been regulation. Trump was just an anomaly and had different priorities and focus. And as a consequence, they didn’t get around to it.
If it was Jeb Bush or someone else, regulations would have been passed in the first two years while the Republicans maintained control over the House and the Senate.”
The Cardano creator now expects President Joe Biden’s administration to include cryptocurrency regulations in a piece of legislation meant to raise taxes.
“[After corporate tax increase legislation] the very next thing they’re probably going to go after is a tax increase for individuals, not corporations. And it’s very likely that they’re going to push cryptocurrency regulation in that bill as a consumer protection package.”