Charles Hoskinson: Further U.S. crypto regulation is virtually inevitable

Charles Hoskinson, founder of the Cardano blockchain platform, said in a video posted on the YouTube platform that further crypto regulation is practically inevitable in the United States.

Charles Hoskinson believes that the lack of "comprehensive regulation" of cryptocurrencies in the United States is due to the political deadlock and hyperpartisanship that the country has experienced over the past five years. The huge valuations of the crypto industry make it necessary for regulators to evaluate the space more carefully. Hoskinson now expects President Biden's administration to include cryptocurrency regulations in legislation aimed at raising tax revenue.

Hester Peirce, commissioner of the U.S. Securities and Exchange Commission (SEC), said in an interview with Fox on Thursday that it is difficult to ban peer-to-peer technologies like Bitcoin, and the real goal is to prohibit the use of encryption for illegal purposes. In addition, SEC Chairman Gary Gensler is open to establishing a regulatory framework, and Peirce hopes that Gensler's views on Bitcoin ETFs will keep pace with the times.

Compared with the hesitant attitude of the United States, my country appears to be bold in crypto regulation. On April 18, at the "Digital Payment and Digital Currency" sub-forum of the Boao Forum for Asia 2021 Annual Meeting, Li Bo, Deputy Governor of the People's Bank of China, and Zhou Xiaochuan, former Governor of the People's Bank of China, expressed their views on "crypto assets" and "digital currency."

Li Bo said that crypto assets are investment options, not currencies themselves, but alternative investment products. He believes that the main role that crypto assets may play in the future is as investment tools or alternative investments. "Many countries, including China, are currently studying how to regulate such investment tools to ensure that speculation on such assets does not cause serious financial risks." He pointed out that before we figure out what kind of regulatory rules should be applied to crypto assets such as Bitcoin, we will continue to maintain the current regulatory measures and practices.

Zhou Xiaochuan said that whether it is digital currency or digital assets, they must serve the real economy.