Charles Hoskinson, the founder of Cardano, was invited to the US Congress to speak on behalf of cryptocurrencies to the US government. Hoskinson covered a variety of crypto-related topics there. The two main problems were cryptocurrency regulation and classification.
Regulation
Since the majority of regulators attempt to control it in the name of regulation, which is impossible, the act of regulating the cryptocurrency business has always been contentious. While many regulators attempt to outlaw cryptocurrency in the name of regulation, further deregulating cryptocurrencies, regulation would also necessitate the issuance of crypto-friendly rules.
: Hoskinson suggests a software-based crypto regulatory framework with a focus on regulations that are desired by the industry.
Classification
Regulators have occasionally attempted to categorise cryptocurrency, but they don't have same decision. For instance, some regulators refer to cryptocurrencies as securities while some consider it as commodities. Furthermore, it becomes challenging to fit all of the thousands of cryptocurrencies available on the market into a single category.
: According to Hoskinson, regulators must first ascertain their own satisfaction with public policy concerns, including demands like adherence to sanctions, consumer protection, or market stability.
Thoughts
Crypto is build fir economic freedom, and with governments taking intrest in it, and making technological progress, it is clear that more revolutionary results will come.
