YEREVAN (CoinChapter.com) — Cardano founder Charles Hoskinson announced the establishment of a policy office within Input Output, his blockchain company, to advance U.S. cryptocurrency policy. In a Nov. 9 video, Hoskinson detailed plans to work closely with U.S. lawmakers, including administration officials, to develop a regulatory framework for the crypto industry.
“We have to do this, and we have to get it done,”
Hoskinson stated, highlighting the need for urgent action on crypto policy.
The timing, Hoskinson noted, aligns with a potential shift in U.S. government control, with Republicans possibly taking the Senate and Presidency. This political shift presents an opportunity, he said, for creating clarity in crypto legislation. Specifically, Hoskinson emphasized that U.S. crypto policy should be formed by “the American people, the American crypto industry, and well-meaning lawmakers,” rather than large financial corporations.
Crypto Executives Call for U.S. Policy Changes
Hoskinson’s actions align with growing demands in the crypto industry for more supportive U.S. regulations. In addition, many crypto leaders believe the U.S. is falling behind in fostering a blockchain-friendly environment. Ripple CEO Brad Garlinghouse has been outspoken against the SEC’s regulatory approach, claiming it puts the U.S. “at severe risk” of losing its position as a blockchain hub. His comments come after Ripple’s lengthy legal battle with the SEC.
As part of his initiative, Hoskinson aims to support a bipartisan bill that could clarify what qualifies as a security or a commodity within cryptocurrency. By defining regulatory boundaries, the bill could provide a stable environment for crypto businesses, helping them operate without the threat of unforeseen legal challenges.
ADA Price Surge Amid Charles Hoskinson-Trump Speculation
Cardano’s ADA token jumped 20%, reaching $0.597, its highest price since April. Subsequently, this sudden rise came after speculation about Charles Hoskinson possibly working with the upcoming Trump administration on crypto policies. This was sparked by Trump’s pro-crypto campaign messages. Although Hoskinson hasn’t confirmed any official role, the possibility of a connection with the administration sparked strong interest in the market.
ADA’s recent rise also shows a strong recovery after being one of 2024’s worst-performing tokens. By October, it had lost over 40% of its value.
ADA Approaches Key Resistance Levels Amid Rally
The recent ADA rally has placed it near a critical resistance level, testing the 0.618 Fibonacci level around $0.599. Analysts suggest a sustained position at this level could indicate a foundation for further price gains. However, a pullback may drive ADA toward the $0.548-$0.489 range by November’s end, aligning with a recent breakout from a long-term trendline.
Notably, if support holds, ADA could move toward the $0.65 level by December. Breaking past this could potentially lead to further gains, with analysts setting sights on the $1.139 mark in early 2025—a projected 105% increase. Conversely, failing to maintain the trendline may signal a return to $0.350.
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