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Picture of Cardano founder Charles Hoskinson next to a Cardano logo with hands pointing up to it

Cardano (ADA) Founder Wants Rally In Washington DC In Support Of Crypto

Best Owie
by Best Owie
3 years ago
·
Posted in Crypto News, Cardano
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Crypto regulation is still a bit pain point in the market right now. The Infrastructure Bill that went before the House in the U.S. has made waves across the market recently. The bill would adversely affect the industry widely. And thus, crypto investors have been fighting this bill as much as they can.

Related Reading | A Recap Of Regulatory Season In Crypto

To this end, Cardano’s founder, Charles Hoskinson, has expressed the need for a rally. Hoskinson took to his Twitter to express his displeasure with the bill that has some interesting amendments aimed towards crypto. This is why the founder wants a rally that would take place in Washington DC. A rally that would be in support of crypto. And hopefully, sway the House’s opinions when evaluating bills having to do with crypto regulation.

I think it's about time we get a rally going in Washington DC. I'm going to make some phone calls. More on this later

— Charles Hoskinson (@IOHK_Charles) August 9, 2021

Laying Tents In The Crypto Camp

As the bill moves up, contention remains in what the definition of a broker means in this bill. While it has been said that miners would be exempt from being termed brokers, it seems it would only apply to proof of work miners. Proof of stake brokers would be held under the bill as brokers in this context.

Total crypto market cap chart from TradingView.com

Total crypto market cap now at $1.8 trillion | Source: Crypto Total Market Cap from TradingView.com

Amendments that were made to clarify what the meaning of broker would encompass in this context were shot down. Leading to even more agitation about who would be liable under what the definition of broker means.

This is the reason why investors have continued to fight this bill. The vague nature of the wording makes it so there are lots of grey areas in the bill. Hence, there is no way to actually tell how one would become liable under this bill. Becoming a burdensome issue for the broader crypto market.

Tipping The Dominoes

Hoskinson’s tweet has sparked conversations around crypto regulation. A call for the right to petition the federal government is not new. Various causes do this when they believe a bill being passed would have adverse effects on them. And on the broader community. So Hoskinson’s call for a rally is nothing especially novel. But if it does go through, it would make it the first major crypto rally carried out in Washington DC.

Related Reading | Elon Musk Calls For Careful Consideration In New Crypto Regulation Bill

The founder concluded his tweet by saying he was going to make some calls. Promising more information on the rally later. Hoskinson then responded to a tweet from Senator Richard Shelby talking about security concerns in cryptocurrency. Calling it a “grade A piece of bullshit.”

Charles Hoskinson does not seem to be backing down anytime soon from calling out the people responsible for making these legislations. And so far, it seems that the crypto community remains in support of the Cardano founder calling out the politicians.

Featured image from Bitcoinik, chart from TradingView.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Best Owie is a Managing Editor at Bitcoinist with extensive experience and a proficient expert known for crafting captivating and insightful content. Best boasts over six years in the crypto sector, and has supervised the conception and publication of thousands of articles. Best is also a content and marketing strategist with the ability to make sure your content reaches the right audience and beyond. In every aspect, Best stands out as a consummate professional, always striving for unparalleled excellence both within and outside the workplace.

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