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Cardano’s ADA Rallies as Founder Charles Hoskinson Vows to Help Shape US Crypto Policy
- ADA has surged significantly, nearly 80% over the past week, a bump partly driven by market enthusiasm following Donald Trump’s re-election and rumors about founder Charles Hoskinson’s involvement in crypto policy.
- However, Hoskinson clarified he has no formal role in the upcoming administration, although he intends to work closely with US lawmakers to shape crypto policies.
- And of course, Solana users are seething and coping that ADA has outranked SOL in the last week.
Cardano (ADA) has posted impressive gains recently. The coin is up 11.87% on the daily chart and a massive 80% in the last seven days. It is currently priced at US$0.5976 (AU$0.91), as per CoinMarketCap data.
Related: After Fresh All-Time High, Bitcoin Eyes $77K as US Fed Lowers Interest Rates
These are levels it last saw in March. This jump came as the broader cryptocurrency market rallied following the re-election of Donald Trump, known for his favourable stance on digital assets.
Market excitement around ADA was amplified by unconfirmed speculation that Cardano founder Charles Hoskinson might join the upcoming administration to support crypto policy development.
However, Hoskinson recently addressed his community, clarifying that while Cardano plans to engage with US policymakers through a new office, he has not received any official role in the administration.
I’m going to be spending quite a bit of time working with lawmakers in Washington, D.C., and quite a bit of time working with members of the [Trump] administration to help foster and facilitate, with other key leaders in [the] industry, crypto policy.
Charles Hoskinson, Cardano founder More Developments on the Horizon
Cardano’s development firm, Input Output Global (IOG), plans to launch a privacy-focused “partner chain” named Midnight.
This chain, introduced by IOG’s Chief Technology Officer Romain Pellerin at the recent Staking Summit in Bangkok, will use zero-knowledge proofs to ensure enhanced privacy and allow selective data disclosure. The project is secured by Cardano’s network of Stake Pool Operators (SPOs) and will introduce a governance model with rewards in the form of NIGHT tokens for SPOs.
Hoskinson also announced that Cardano would function as a layer-2 solution for Bitcoin, allowing it to utilise Bitcoin’s secure and liquid network to enhance scalability. This change aims to make Cardano a more adaptable and efficient platform for faster transactions by connecting it to Bitcoin’s infrastructure.
Related: Cardano Founder: New Collab to Propel BTC DeFi Beyond Solana, Ethereum
Solana vs. Cardano
Not everyone, and certainly not the Solana community, is happy about ADA’s recent success and Cardano’s ongoing developments. Of course, Mert, Helius CEO and a well-known Solana maxi, was the first one to be mad about ADA’s recent price surge.
This X post sparked a fight between members of the Cardano and Solana communities, with some engaging in back-and-forth arguments, while others outright condemned Mert’s criticism of the blockchain.
Author
José Oramas
José is a journalist and translator with a keen interest in blockchain and cryptocurrencies.
