Cardano Soars 32% Amid Buzz Around Hoskinson As Trump’s Crypto Advisor

After Donald Trump won the US elections, speculations have been circulating that Cardano founder Charles Hoskinson could be appointed to a key government role that will oversee the crafting of policies on digital currency.

Hoskinson confirmed that he might step in as the presidential advisor on legislation concerning crypto.

Collaboration With The Trump Administration

He confirmed that he is interested in working with the government of the newly elected US president to share his expertise in creating crypto legislation.

The crypto founder said that he will push for clearer regulatory frameworks that are appropriate to the cryptocurrency landscape. A positive outlook on the future of the industry which has been confronted by regulatory challenges and uncertainties in the last couple of years.

Hoskinson emphasized that there is an urgency to develop positive policies involving cryptocurrency, which he noted needs the support of Democrats and Republican lawmakers as major digital monies are facing legal challenges from state authorities.

Why President Trump could pick Charles Hoskinson as a crypto policy advisor:

– Experience & knowledge: He is a co-founder of Ethereum and the founder of Cardano.
– Industry representation: He has already represented the cryptocurrency industry before Congress. His ability to…

— Aleksandra Huk (@HukAleksandra) November 9, 2024

ADA market cap currently at $20.3 billion. Chart: TradingView.com

A Policy Division Concerning Crypto

In a statement, Hoskinson unveiled his plan to establish a policy division for crypto regulations with the help of his company, Input Output Global (IOG).

The crypto exec explained that the policy division will primarily be tasked to formulate a legislative framework that also encapsulates the terms stipulated in US financial laws, namely: the Financial Innovation and Technology for the 21st Century Act (FIT21) and the Responsible Financial Innovation Act (RFIA).

He promised that he would collaborate with legislators and officials of the Trump administration to pass a bipartisan crypto bill, highlighting the significance of cooperation across the US federal government.

Could Charles Hoskinson become President Trump’s crypto advisor? It would really be a wise decision. #Cardano $ADA https://t.co/xHfoaXjIlz

— Cardano YOD₳ (@JaromirTesar) November 8, 2024

Best Chance For The Industry

Hoskinson believes that the present political climate may offer the cryptocurrency industry the possibility of gaining legal status saying that the odds are in favor of the industry.

“This is the best opportunity we have ever had in the history of the industry to get clarity,” Hoskinson noted.

He argued that the crypto sector is not requesting any special treatment, stressing that digital currency players only want to have rules that will allow them to create new products that do not violate the law.

“The crypto policy should be written by the American people and the American crypto industry,” he added.

Cardano On A Price Surge

Speculations on Cardano’s founder being appointed as a Trump advisor have fueled the growth of the digital currency.

Meanwhile, data shows the digital currency has gained momentum and its price skyrocketed by 32% in the last 24 hours. If investors analyze Cardano’s price movement in the past seven days, the current price represents a nearly 70% growth.

ADA price up nearly 70% in the last week. Source: Coingecko

As a result, Cardano once again ranked as the ninth-largest cryptocurrency and the seventh-largest if stablecoins are excluded from the rankings.

The analysts added that the coin’s current movement is similar to previous market cycles, such as Bitcoin’s halving events.

At the time of writing, ADA is being traded at $0.5804 and the cryptocurrency has a total market capitalization of more than $20 billion.

Featured image from Pumpmoonshot, chart from TradingView