Charles Hoskinson is an entrepreneur and co-founder of the blockchain engineering firm Input Output and the Cardano blockchain platform. He was also a co-founder of Ethereum. With governments debating regulations over cryptocurrency and blockchain technology, VCs, Hedge Funds and 401(k)s retirement plans are looking to add Bitcoin to their portfolios. This could affect all altcoins and crypto as a whole.
On June 23, The Cardano’s founder(ADA) – Hoskinson addressed some of the major concerns in front of the United States Congress. Just last month, the company added over 3.4 million new wallets and 50,000 new addresses. In the crypto industry, Hoskinson explained that meta-data is being stored within the transaction data, so there is no need to worry about priority regulations.
Cryptocurrency is making its way into the world of decentralization. Entrepreneurs, technologists, and engineers will push the world forward. Congress recently heard from Cardano’s founder (ADA) about some of the major concerns. The main issues discussed were the scalability of the regulations, the required workforce, and the way they would be regulated.
Impossible For IRS to Audit Crypto Tax Returns of Every American
Charles Hoskinson replied with the statement:
“One of the powers of our industry is the fact that regulation can become algorithmic. So you don’t have to think, ‘which person is going to sit down and look at this big pile?’ Think of the IRS and tax returns. We could quadruple the size of the IRS, but we still couldn’t audit every American – it’s just impossible.” Hoskinson continued by explaining that when we talk about the crypto industry, meta-data is being stored inside the transaction data, so there is no need to worry about priority regulations.
Rules-makers and policymakers can take a step back and clarify what matters most to them. Having set up their priorities, they will just decide that these are the things that matter to them, and no matter what, they will not give up on them.
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