Cardano founder says America Could Lose Its Competitiveness To Harsh Regulations

Cardano founder says America Could Lose Its Competitiveness To Harsh Regulations 2

Cardano founder Charles Hoskinson talked about the regulation rules imposed by the US regulators on the crypto industry and said that they are doing a kind of fiddle to progressive countries.

Speaking In the latest COINS podcast episode, Charles Hoskinson, founder and CEO of Cardano, shared his thoughts on the crypto regulation by the US regulators and said that these regulators are not doing well and further added

“if America does nothing or regulates this very harshly, other countries like the Lichtensteins, Switzerland, the Ethiopias that open up and embrace cryptocurrencies will become wealthier and they become more competitive”

Charles also claimed that countries like Lichtensteins, Switzerland, and the Ethiopians are crypto & blockchain friendly. These countries may perform better than the US, EU & China which don’t want crypto. 

Other participants of the podcast shared similar thoughts. 

Erik Voorhees, CEO of ShapeShift, added that United states is ” shooting itself in the foot”. And this could result in the migration of the crypto platforms & projects from the country and that will lead to haunt the country.

Here the statements of Charles are somewhat an indication for the regulators of the US to see what are their mistakes and how they can make the ecosystem more friendly and better to use instead to bust the crypto companies through restricted rules and regulations. Probably one thing here we can notice that recent reports claimed that the SEC is working on a crypto draft to make the crypto regulation framework more precise and provide better clarity. 

Read also: India’s largest bank SBI banned crypto Merchants