Why The Crypto Market Could Face A Crackdown, says Cardanos Inventor

Wednesday 21 April 2021, 8:33 AM AEST - 3 weeks ago

Charles Hoskinson, Cardanos inventor, and Input-Output Global (IOG) CEO, talked about the current regulatory outlook in the United States. Hoskinson believes the crypto market will see a long overdue regulatory framework in the coming months.

IOG CEO stated in a new video for his YouTube channel that the current market cap of the entire crypto market will force regulators and authorities in that country to take measures. Over the past years, under the previous presidential administration, there was an environment with a lack of unity from the political parties, according to Hoskinson.

However, the current president of the U.S. Joe Biden has built his career in Washington. Therefore, has more experience negotiating with the political forces. In 2016 and 2017, the crypto market could have been regulated and taken out of its gray zone with a different administration.

As a result of Bidens political skills, he managed to pass a new stimulus bill. Its new target could be an infrastructure bill with an estimated $2 trillion. Later, the presidential administration could seek an individual tax increase. This could be the turning point for the crypto market, Hoskinson said:

It is very likely that there are going to push cryptocurrency regulation in that bill, as a consumer protection package. Just as with infrastructure they rolled some part of the Green New deal it in. It is vey likely that this is going to happen.

Cardanos Inventor Blames It On The DOGE

According to IOGs CEO, there is a perception of a Ponzi-like trading behavior within the crypto market and its major trends: non-fungible tokens (NFTs), decentralized finance (DeFi), and the Dogecoin (DOGE) craze. The latter has been particularly responsible for attracting negative attention, said Hoskinson.

He further added that copy projects like DOGE and their total market cap, sitting right behind ADA with $40B, at the time of writing, are not normal. Hoskinson highlighted other flaw ...

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