Cardano Founder and Global Input-Output CEO Charles Hoskinson Testified Before the US House of Representatives Agriculture Committee Subcommittee on Commodity Trade, Energy and Credit , June 23. in the crypto space.
Hoskinson proposes self-regulation for crypto
The Cardano exec touched on the regulation of the crypto industry, suggesting self-regulation within the industry, much like banks do. He explained that such a partnership where compliance is left to software developers after Congress passes laws would be ideal. He argued that with such a spirit, developers would be empowered to create software to bring the proposed idea to life.
“It’s a public-private partnership” he said. “What you need to do is set those boundaries, and then what we can do as innovators is write software to help get there.”
Likening the notion of self-regulation to the approach taken in the banking industry, Hoskinson challenged the current roles of the Securities Exchange Commission (SEC) or the Commodity Futures Trading Commission (CFTC). The two authorities have, in the past, seemed to fight over oversight of the crypto industry.
In response to a question from Georgia Representative Austin Scott on the possibility of regulating all crypto tokens, Hoskinson highlighted the ability of blockchains to store and transfer data that could help automate the process of self-regulation. . He also suggested issuing self-certificates that would monitor compliance until an irregularity is detected, after which a financial body could step in to investigate.
Regarding crypto used to fund illegalities, Hoskinson said crypto could be programmed to signal transactions. Notably, he has in the past demonstrated his willingness to work with federal regulators in developing rules and laws to help the United States become a leader in the blockchain industry.
Cardano launches Lace – a scalable lightweight wallet
Input-Output Hong Kong, the research and development entity behind Cardano, announcement in a recent video he worked on a lightweight wallet – Lace. IOHK said the wallet offering, which has been in development for around half a dozen months, will provide a range of features. Lace would allow users to store and manage crypto from a single location.
It will also allow users to hold non-fungible funds and tokens, make payments, delegate stakes, and play with various decentralized applications. The wallet is still under development, but according to Charles Hoskinson, the app would inherently evolve in that it would receive updates every six to nine weeks.
The end goal is to improve what crypto users can do with their crypto and increase adoption of the asset class. The wallet would initially be native to Cardano and restricted, but the long-term intention is to introduce on-chain interoperability to improve blockchain adoption. As such, it would eventually support multiple crypto tokens.
Cardano joins the Linux Foundation
The Cardan Foundation revealed last Wednesday he had joined the Linux Foundation as a Gold member, which means that the Foundation is the only non-profit organization at this level. Cardano Foundation Open Source Director Dirk Hohndel, who once had a fireside chat with Linux creator Linus Torvalds, praised the Linux Foundation’s track record in open source development and said that the partnership would help Cardano pursue its ambition to improve blockchain adoption. Technology.
To learn more about Cardano, see our Investing in Cardano guide.