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.
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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 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.
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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