Founder of Cardano Charles Hoskinson recently claimed that the United States Department of Treasury is doing everything in its capacity to close down crypto assets. He said these things in an event he attended in Cape Town, South Africa. However, he added that he is not put off by the department of treasury’s mounting pressure over crypto assets. The event, organized by Cape Innovation and Technology Initiative, has been running in South Africa for the last week. Hoskinson claimed that officials in Washington DC are actively trying to destroy the crypto industry.
Hoskinson said that the government is foolish in trying to destroy a $2 trillion homegrown industry.
Cardano founder’s comments come at a time when the debate surrounding crypto regulations is at an all-time high. Regulatory measures in the crypto space are mostly unclear. Often the laws do not facilitate a crypto-friendly economy. As a result, crypto investors look for legal loopholes. Illegal activities powered by crypto are also on the rise. Various illegal funding projects are undertaken through anonymity-focused cryptocurrencies. Cryptocurrency is growing at an unprecedented scale right now. Cardano’s token Ada is now the fourth largest crypto in the world. It boasts of a market capitalization of $70 billion. According to regulators, such a big industry can cause disruptions in economic stability is left unchecked. For these reasons, regulators are tightening up laws across the world. Hoskinson, among many others, is vehemently against this mounting regulatory pressure. It is now worth waiting to see if the governmental bodies continue to impose regulations despite protests.