<a href="https://www.cryptoknowmics.com/news/cardano-ceo-says-metaverse-will-be-a-humongous-product-category/">Cardano</a> creator Charles Hoskinson advocates a non-identical regulatory imposition approach for Crypto. Cardano (ADA) creator Charles Hoskinson announces, "The US requires a new system for the management of crypto."
<h2>Cardano Creator Charles Hoskinson Foregrounds Approach Towards Crypto</h2>
As highlighted by the interview on Thinking Crypto, the CEO of the technology company - Input Output Hong Kong (IOHK) said, "The ongoing regulatory approaches aren't efficient with crypto assets."  He added, "It's high time the US shifts to a functional regulation system and not a definitional system. We have surpassed the fact that something's an asset and something's the currency and something's a provision.”

Crypto must be modulated on the basis of its useability. A unique regulatory system is necessary now in the US. Why? As Cardano<a href="https://elevenews.com/2021/11/18/cardano-creator-charles-hoskinson-proposes-different-regulatory-enforcement-approach-for-crypto/"> created</a> a regulatory body for an asset type. Handling the commodity &amp; security is done by the CFTC &amp; Securities Exchange Commission respectively.
<h2>Statement on Having a Regulatory System</h2>
Charles Hoskinson says, "We need to adopt such a regulatory system that's far better than the existing one. At present, we lack an ideal definition of the virtual asset service provider in the United States. We also must possess a utility token, versus a security token. Overall, a finer functional model, a better asset definitional model is all we need."

Hoskinson declares, "The existing private financial surveillance isn't capable of working for crypto, henceforth an enforcement approach is needed." Declaring this, he unfolded the drawbacks of the Suspicious Activity Report (SAR).

Hoskinson's proposal stated that he thinks the solution to the drawbacks is nothing but open standards. Primarily speaking, we are at the right place to build into the transaction, into the settlement of the transaction itself, as some attachment to regulation. That's not necessarily imperative. It can be optional, but it's something that people can do.

Cardano Creator Charles Hoskinson Advocates Non-identical Regulatory Imposition Approach for Crypto

Cardano creator Charles Hoskinson advocates a non-identical regulatory imposition approach for Crypto. Cardano (ADA) creator Charles Hoskinson announces, "The US requires a new system for the management of crypto."

Gitumani is a blockchain enthusiast as she keeps a tab on the recent happenings pertaining to the crypto industry. She aims to provide quality content in blockchain and crypto domain. She is a financial content writer too and has worked on several financial projects related to the stock market news, fundamental research, and technical analysis for several websites.

Cardano Creator Charles Hoskinson Advocates Non-identical Regulatory Imposition Approach for Crypto

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