Regulation
Cardano’s Charles Hoskinson Makes the Case for Crypto’s Social Contract on CBDC
- America’s crypto community will have a huge impact on the next POTUS in the upcoming election, signaling a major shift in financial freedom.
- The Cardano founder believes that the crypto industry is the only hope for financial freedom, while CBDC is a surveillance tool for the government.
As the 2024 US presidential election approaches, it is becoming increasingly clear that it is a two-horse race between Democratic candidate Joe Biden and Republican candidate Donald Trump. However, American voters are divided on dozens of issues, including illegal immigrants, the growing national debt, world wars and crypto regulation.
As a result, US presidential candidates have been forced to clearly state their respective positions on the issue of crypto regulation. While Biden has remained tough on the issue of crypto, as seen by the US SEC’s stance on Bitcoin and altcoins, Trump, on the other hand, has recently endorsed the crypto market.
Still, the more than 52 million crypto investors in the United States have other factors to consider when electing their next president besides crypto regulations.
Cardano’s Hoskinson on the crypto industry and the upcoming US elections
As Crypto News Flash has already been highlighted, the Cardano (ADA) team led by CEO and founder Charles Hoskinson, is making the case for a third-party presidential candidate. According to Hoskinson in a recent X article, Trump and Biden are only leveraging the crypto narrative to win the presidential seat later this year.
“I’m on the left and I understand that the 20% of America who own Crypto are pretty pissed off that Biden has caused massive harm to our entire industry in an arbitrary and capricious way. Still, we can’t let the Orange Man come back, so still vote for Biden, even if he wants to put you out of business,” Hoskinson noted.
The famous crypto leader stressed that American voters should be wary of any politician seeking to derail the crypto narrative in the future. Additionally, Hoskinson noted that the crypto industry allows for more voices to be heard in addition to financial freedom.
“Our industry is not about making arbitrary products or debating taxes and regulations. It is a new social contract that holds governments, businesses and transnational organizations accountable to the people they serve. Being anti-crypto means we should accept no responsibility and unlimited power for a few,” Hoskinson added.
Meanwhile, Hoskinson reminded the crypto community that central bank digital currencies (CBDCs) should not be allowed to come into existence. Hoskinson noted that CBDCs are government tools used to expand financial oversight. As such, Hoskinson indicated that governments should enable people to create robust Web3 smart contracts that enable shared humanity.
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The United States government has technically approved Bitcoin as the only commodity in the digital asset space thanks to the recent approval of spot BTC ETFs. The upcoming final decision of the Ether ETF spot in the United States will shed significant light on the next regulatory phase for altcoins. Nonetheless, the United States risks being cut off from the rest of the world – led by Europe and Asia – which continues to pass clear crypto regulations focused on industry adoption of Web3 and digital assets .