<a href="https://www.cryptoknowmics.com/news/cardano-foundation-joins-the-linux-foundation/" target="_blank" rel="noopener">Cardano</a> founder, Charles Hoskinson has testified in front of the US Congress about crypto regulations. He suggested that Congress should make cryptocurrency regulations but <strong><span style="font-weight: normal">should leave compliance to software developers in the industry.</span></strong>
<h2>Charles Hoskinson Remains Keen to Work With US Regulators</h2>
Appearing in a US congressional <a href="https://www.youtube.com/watch?v=QH2DssrrM4A&amp;t=2s" target="_blank" rel="noopener">hearing</a> on Thursday, Hoskinson said that crypto regulation should follow the model of banking self-regulation, telling legislators "it's not the SEC or the CFTC going out there doing KYC-AML, it’s banks." According to him, crypto exchanges should be the ones who are doing KYC/AML for the industry, adding that self-regulation would help ensure that the industry is "following best practices" and would be more effective than "a bunch of different agencies" trying to regulate the space.

Currently, the US Security and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) are competing to perform regulatory oversight over the crypto industry. Hoskinson told the commission that cryptocurrencies could perform most regulatory work automatically since they can store and transfer data. He also proposed that Congress should allow the crypto industry to establish a self-regulating organization (SRO) like the private banking industry, which serves as a model for regulation compliance.

Hoskinson's June 23 testimonial is already available on the IOHK <a href="https://iohk.io/en/blog/posts/2022/06/23/future-of-digital-asset-regulation-testimony-of-charles-hoskinson/" target="_blank" rel="noopener">website</a>, implying that he remains interested in collaborating with federal regulators to create new regulations while stating that compliance with regulations and legislation coming out of the US "must be a guiding value for the blockchain industry."

Cardano Founder Explains Crypto Regulations Proposal to US Congress

Cardano founder Charles Hoskinson has testified in front of the US Congress about cryptocurrency regulation suggesting crypto regulations be made.

Jafrin is a cryptocurrency journalist/researcher fascinated by the world of decentralization. She is hopeful towards blockchain’s innovation and its potential to reshape the world for good. Currently, she is bringing out the best of cryptosphere via covering the latest ins and outs of the blockchain space.

Cardano Founder Explains Crypto Regulations Proposal to US Congress

Top Picks