{"id":467004,"date":"2022-06-24T07:51:38","date_gmt":"2022-06-24T04:51:38","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/hoskinson-pitches-software-enabled-crypto-self-regulation-to-congress\/"},"modified":"2022-06-24T07:51:38","modified_gmt":"2022-06-24T04:51:38","slug":"hoskinson-pitches-software-enabled-crypto-self-regulation-to-congress","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/hoskinson-pitches-software-enabled-crypto-self-regulation-to-congress\/","title":{"rendered":"# Hoskinson pitches software-enabled crypto self-regulation to Congress"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a2546b84e10d\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a2546b84e10d\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/hoskinson-pitches-software-enabled-crypto-self-regulation-to-congress\/#%E2%80%9D_Hoskinson_pitches_software-enabled_crypto_self-regulation_to_Congress_%E2%80%9C\" >&#8221; Hoskinson pitches software-enabled crypto self-regulation to Congress &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Hoskinson_pitches_software-enabled_crypto_self-regulation_to_Congress_%E2%80%9C\"><\/span>&#8221; Hoskinson pitches software-enabled crypto self-regulation to Congress &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDYvYjJjNWE3MzctYjZmMC00ZjRmLTg3NWEtZTVmYzJhZTdmNzY4LmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-2a0745c6>Cardano co-founder Charles Hoskinson has told Congress it should make regulations for crypto but leave compliance up to the software developers.<\/p>\n<p>Hoskinson likened the ideal arrangement for crypto regulation to the way banking self-regulation works during a June 23 congressional <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=QH2DssrrM4A&amp;t=2s\">hearing<\/a>, telling legislators \u201cit\u2019s not the SEC or the CFTC going out there doing KYC-AML, it\u2019s banks.\u201d<\/p>\n<blockquote><p>\u201cIt\u2019s a public-private partnership. What needs to be done is to establish those boundaries, then what we can do as innovators is write software to help make that h<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>en.\u201d<\/p><\/blockquote>\n<p>The Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) are two of the financial regulators battling over jurisdiction of the crypto industry.<\/p>\n<p><strong><em>Related: US Congressional hearing on digital asset regulation focuses on disclosure <\/em><\/strong><\/p>\n<p>Republican Representative Austin Scott from Georgia posed that neither the SEC nor the CFTC have the manpower to oversee the thousands of cryptocurrencies on the market, saying \u201cit\u2019s not possible to regulate all these currencies.\u201d<\/p>\n<p>Hoskinson replied that the ability of cryptocurrencies to store and transfer data meant they could carry out much of this regulatory work automatically. He also used it as justification for allowing the crypto industry to create self-regulating organizations (SRO) to guide regulatory compliance, like the private banking industry does. <\/p>\n<p>Hoskinson suggested that the industry could create a \u201cself-certification system\u201d that could automatically monitor compliance until an anomaly is encountered, at which point a financial authority would review it. <\/p>\n<p>Further illustrating why manpower should not be a concern for crypto regulation, Hoskinson hypothesized that even quadrupling the size of the Internal Revenue Service (IRS) would not be enough to audit every American. <\/p>\n<p>Rather, Hoskinson told Representative Scott that cryptocurrencies can be programmed to prevent transaction settlements until legally-mandated checks are performed.<\/p>\n<p>Hoskinson\u2019s June 23 testimonial released via the IOHK <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/iohk.io\/en\/blog\/posts\/2022\/06\/23\/future-of-digital-asset-regulation-testimony-of-charles-hoskinson\/\">website<\/a> demonstrated he was keen to work with federal regulators on developing new rules, stating that compliance with regulation and legislation coming out of the U.S. \u201cmust be a guiding value for the blockchain industry.\u201d<\/p>\n<blockquote><p>\u201cHowever, this is a new <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/technology\/\" data-internallinksmanager029f6b8e52c=\"4\" title=\"Technology\" target=\"_blank\" rel=\"noopener\">technology<\/a> and a radically new asset class that can not readily fit within the confines of the laws and tests created almost a century ago.\u201d<\/p><\/blockquote>\n<p>Hoskinson\u2019s pleas for clearer boundaries in the crypto regulatory landscape echo the ones made by other industry insiders in the U.S. last December. SEC Commissioner Hester Peirce recently partly blamed a lack of regulatory clarity for the SEC constantly rejecting spot Bitcoin exchange-traded funds (ETF) from launching in the US.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"law_decoded\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/hoskinson-pitches-software-enabled-crypto-self-regulation-to-congress\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Hoskinson pitches software-enabled crypto self-regulation to Congress &#8220; Cardano co-founder Charles Hoskinson has told Congress it should make regulations for crypto but leave compliance up to the software developers. Hoskinson likened the ideal arrangement for crypto regulation to the way banking self-regulation works during a June 23 congressional hearing, telling legislators \u201cit\u2019s not the&#8230;<\/p>\n","protected":false},"author":1,"featured_media":467005,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDYvYjJjNWE3MzctYjZmMC00ZjRmLTg3NWEtZTVmYzJhZTdmNzY4LmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[75422,76982,74898,70934],"class_list":["post-467004","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-cftc","tag-charles-hoskinson","tag-sec","tag-regulation"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/467004","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=467004"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/467004\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/467005"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=467004"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=467004"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=467004"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}