News
Charles Hoskinson of Cardano argues for the social contract of cryptocurrencies over CBDC
- The US crypto community will have a huge impact on the next POTUS in the upcoming elections, thus signaling a major shift in financial freedom.
- Cardano’s founder believes that the cryptocurrency industry is the only hope for financial freedom while CBDC is a surveillance tool for the government.
As the 2024 US presidential election approaches, it is increasingly clear that it is a two-horse race between Democratic nominee Joe Biden and Republican incumbent Donald Trump. However, American voters are divided over dozens of issues including illegal immigrants, rising national debt, global wars and cryptocurrency regulation.
As a result, US presidential candidates have been forced to clearly express their position on the issue of cryptocurrency regulation. While Biden has remained tough on the issue of cryptocurrencies, as noted by the US SEC’s stance on Bitcoin and altcoins, Trump, on the other hand, has recently endorsed the cryptocurrency market.
However, the more than 52 million cryptocurrency investors in the United States must consider other factors as they elect their next president beyond cryptocurrency regulations.
Cardano’s Hoskinson on the cryptocurrency industry and the upcoming US elections
AS Crypto News Flash previously highlighted, the Cardano (ADA) team led by CEO and founder Charles Hoskinson, has backed a third-party presidential candidate. According to Hoskinson in a recent post on X, Trump and Biden are simply exploiting the cryptocurrency narrative to win the presidential seat later this year.
“I’m a leftist and I understand that the 20% of US crypto holders are pretty pissed off that Biden has caused massive damage to our entire industry in an arbitrary and capricious way. However, we can’t get the Orange Man back, so vote for Biden anyway, even if he wants you to fail,” Hoskinson noted.
The renowned cryptocurrency leader stressed that American voters should be wary of any politician who seeks to derail the cryptocurrency narrative in the future. Additionally, Hoskinson noted that the cryptocurrency industry gives more people a voice beyond financial freedom.
“Our business is not about building arbitrary products or debating taxes and regulations. This is a new social contract that holds governments, corporations and transnational organizations accountable to the people they are supposed to serve. Being anti-crypto means we should accept no responsibility and unlimited power granted to a few,” Hoskinson added.
Meanwhile, Hoskinson reminded the crypto community that Central Bank Digital Currencies (CBDCs) should not be allowed to see the light of day. Hoskinson noted that CBDCs are government tools used to broaden financial surveillance. Therefore, Hoskinson indicated that governments should enable people to create robust web3 smart contracts that enable the sharing of humanity.
Market image
The US government has technically approved Bitcoin as the only commodity in the digital asset space through the recent approval of BTC spot ETFs. The upcoming final decision of the Ether spot ETF in the United States will shed significant light on the next regulatory phase of altcoins. Nonetheless, the United States risks being cut off from the rest of the world – led by Europe and Asia – which continues to enact clear crypto regulations geared towards the adoption of the web3 sector and digital assets.