The Cardano founder shared an innovative vision of digital assets and Blockchain regulation in a meeting with US lawmakers.
Cardano blockchain founder Charles Hoskinson made his appearance before a US Congressional hearing to start a debate about the future of crypto regulation.
Hoskinson opened up and shared his thoughts about crypto regulation with members of the Subcommittee on Commodity Exchanges, Energy, and Credit of the US House of Representatives, the lower house of Congress. The technology development entity in charge of Cardano, Input-Output Global (IOG), revealed a summary of their statements in a blog post.
The Importance of Blockchain
In his speech, the mathematician and CEO of IOG explained the fundamentals and various uses of Blockchain technology. Hoskinson highlighted how Blockchain would serve as an influence to generate digital identity solutions, bring value to supply chains and make financial access easier for individuals.
To demonstrate real-world use cases for the technology, he described the US meat industry as a sector that can benefit from using Blockchain with verifiable records. The developer also spoke about his agreements with many African nations to bring real technological solutions to the population of that area.
These use cases and projects represent the type of development and economic evolution that Blockchain technology could offer to a country like the United States of America, especially in remote areas of the country.
Hoskinson then used these use case examples to represent the decentralized nature of Blockchain and reach an agreement to apply a regulation that understands, responds to, and goes hand in hand with that nature.
On the Regulation of Digital Assets
Hoskinson also noted that the broader blockchain industry could not work without these currencies. Digital assets are programmable software that can become almost any asset and could change over time.
The founder also provided some standard notions about these digital assets and their utility. He said that digital assets could be so vast that they could serve to verify data, transfer information or value, or purchase goods.
The founder said these assets could also provide access to services, serve as a reward or membership program, and act as a store of value or investment.
Hoskinson also focused on the legislation of the United States of America, which has never used an instrument that can attend so many different things.
Regulation Gets Based on Fundamentals
The CEO of IOG made it clear that neither he nor his entity stands against regulatory efforts for the crypto space; however, they believe that these efforts must get carried out responsibly while ensuring the improvement of the industry and not undermining innovation.
This new technology is a radically new asset class that cannot easily fit within the walls of laws and tests created nearly a century ago. Hoskinson also expressed that current securities laws for consumer protection focus on the existence of centralized entities, and these entities don’t get applied to Blockchain cases.
By: Jenson Nuñez
