Charles Hoskinson Plans to Work With Trump Administration to Develop Clear Crypto Regulations

This comes amid a notable 34% rise in Cardano's ADA token following a broader crypto rally that pushed Bitcoin to a new all-time high.

Cardano founder is setting out to collaborate with the incoming Donald Trump administration on developing clear crypto regulations.

This comes as ADA’s value surged by 34% amid a broader crypto rally.

Cardano Founder to Collaborate on Crypto Regulations

In a video shared on social platform X on November 9, Hoskinson announced his plans to work with the Trump administration on establishing a regulatory framework for the cryptocurrency industry.

“I’m going to be spending quite a bit of time working with lawmakers in Washington DC to help foster and facilitate with other key leaders in the industry with the crypto policy,” Hoskinson said.

He added that his company, Input Output Global (IOG), will set up a dedicated policy division that will focus on crypto regulations. The division will work on creating a comprehensive legislative framework that combines key elements from the Financial Innovation and Technology for the 21st Century Act (FIT21) and the Responsible Financial Innovation Act (RFIA).

The office will engage with lawmakers and other stakeholders, aiming to influence policymakers in key roles to advance the regulatory framework. Hoskinson also said that the policy division will begin hiring early next year.

“The crypto policy should be written by the American people, the American crypto industry, and well-meaning lawmakers who are willing to take the time to listen,” the Cardano founder stated.

Hoskinson sees the incoming Republican administration and a likely majority in Congress as an opportunity to bring regulatory clarity to the crypto industry. He highlighted the potential for the new political landscape to deliver long-needed guidance for crypto businesses and users.

However, he emphasized the need for bipartisan support for effective legislation. Hoskinson pointed to the recent passage of the FIT21 bill as an example of successful cross-party collaboration. He also noted that several younger Democratic lawmakers are interested in the burgeoning industry and they would play pivotal roles in helping the sector develop.

ADA Surges by 34%

News of Hoskinson’s plans to collaborate with US officials has come as ADA’s value surged.

Over the past 24 hours, the ADA token has jumped by over 36%, reaching above $0.60 – its highest price level since April – according to BeInCrypto data.

This surge follows a broader rally in the crypto market, with Bitcoin (BTC) rallying past the $63,000 mark for the first time in seven months. The rally was sparked by upbeat inflation data and the announcement of a smaller-than-expected interest rate hike by the Federal Reserve.

Cardano’s native token has outperformed BTC and most other major cryptocurrencies during the past week, with ADA surging by over 120% compared to BTC’s 6.5% gain.

The token’s strong performance has been driven by optimism over Cardano’s upcoming Vasil hard fork, which is expected to bring significant performance enhancements to the network.

However, ADA’s recent rally has also been fueled by speculation and FOMO (fear of missing out), with the token’s fundamentals lagging behind its price performance.

Despite Hoskinson’s collaboration plans, it’s important to note that crypto regulations are ultimately decided by government agencies and lawmakers, and not by private individuals or companies.