Cardano founder Charles Hoskinson has announced plans to collaborate with the incoming Donald Trump administration to develop clear cryptocurrency regulations.
This comes as Cardano's ADA token has risen 34% amid a broad cryptocurrency rally that has seen Bitcoin reach new all-time highs.
Hoskinson to Help Shape Crypto Policy with Trump Administration
On November 9, Hoskinson revealed in a video shared on the social platform X that he plans to collaborate with the Trump administration to establish a regulatory framework for the cryptocurrency sector.
"I will be spending a lot of time with lawmakers in Washington DC to promote and support cryptocurrency policy," Hoskinson said.
He added that his company, Input Output Global (IOG), plans to establish a dedicated policy department focused on cryptocurrency regulation. This new department will draft a comprehensive legislative framework that includes key elements of the Financial Innovation Technology Act (FIT21) and the Responsible Financial Innovation Act (RFIA).
This office will play a crucial role in shaping the regulatory framework by actively engaging with lawmakers and other stakeholders, and influencing policymakers who are instrumental in developing the regulations. Hoskinson also shared that the policy department plans to start hiring in early 2025.
"Cryptocurrency policy should be written by the American people, the American cryptocurrency industry, and well-intentioned lawmakers who are willing to listen," the Cardano founder said.
Meanwhile, Hoskinson sees the incoming Republican administration and the party's majority in Congress as a promising opportunity to bring clarity to the cryptocurrency industry. He emphasized the potential of the new political environment to provide the guidance needed by crypto businesses and users.
However, he stressed the importance of bipartisan support for effective legislation. Hoskinson cited the recent passage of the FIT21 bill as an example of successful bipartisan collaboration. He also mentioned that several young Democratic lawmakers are interested in the emerging industry and will play a crucial role in its development.
Hoskinson's plans to collaborate with U.S. officials were announced concurrently with the sharp rise in the value of ADA. Over the past 24 hours, the ADA token has surged more than 36%, reaching over $0.60, its highest level since April, according to BeInCrypto data.
