Charles HoskinsonThe founder of Cardano spoke about the future of digital asset regulation before the Agriculture Committee in charge of the CFTC. Cardano’s IOHK shared the recap in a recent blog post.
earlier today @iohk_charles Appeared before the US House of Representatives Committee on Agriculture, the Subcommittee on Commodity Exchanges, Energy and Credit.
Here is his testimony on the future of digital asset regulationhttps://t.co/v4PqKcsgrk– Input Output (@InputOutputHK) 23 June 2022
First, the Cardano founder provided background information on input-output (IOG), ongoing initiatives, research, and the company’s ongoing efforts in Africa.
He continued to give examples of how blockchain technology is being used to solve real-world issues, such as those facing the beef industry. According to Hoskinson, there are many applications for blockchain technology, including enhancing the industry’s end-to-end supply chain and traceability.
The CEO of IOG cited the many IOHK projects and collaborations, indicating the immense economic growth and development that blockchain technology is bringing to the US, especially in rural areas. Cardano’s developer commented that for the US blockchain industry to flourish and realize its full potential, it may require the combined efforts of multiple agencies and the private sector.
Charles Hoskinson then discussed how working with the blockchain industry towards a principles-based approach that leverages the country’s amazing capabilities for innovation could help Congress achieve significant results on regulation.
They believe it is important to recognize that category-based regulation, which is limited to the boundaries of a specific jurisdiction and relies solely on centralized actors for reporting and disclosure, is effective in a blockchain-based decentralized ecosystem. is unlikely to happen and it will affect innovation.
He points out that principles-based legislation is more adaptable and more likely to change with emerging technologies without affecting a sector that has just started or is running a business overseas.
Hoskinson continued that he is in favor of fair and responsible regulation of digital assets and blockchain technology. However, he noted that given the novelty of the technology and the fundamental novelty of the asset class, it may not easily fit within the standards of laws and tests established nearly a century ago.