Cardano Founder Says Financial Innovation Act Is A Driver For The Market To Rising
Cardano (ADA) founder thinks he has uncovered the event that will end the crypto winter and unleash a major industry-wide rise.
Charles Hoskinson, the founder of the smart contract platform, said in a new interview with Cheeky Crypto that if the US government passes the Financial Innovation Act, the crypto markets would go on a massive bull run.
According to Hoskinson, the passage of this measure will cause blue-chip investors to flood the crypto markets with funds while also lowering the regulatory concerns involved with investing in digital assets.
“I’ve been through seven bull-bear markets since I joined the cryptocurrency space, and this is no different. It could last 18 months, it could last two years, it could end at the end of the year, who knows? It’s any given Sunday.
If America passes the Financial Innovation Act, we’d probably see a mega bull market because a huge amount of institutional money would enter, and also all of the regulatory risk cryptos would disappear.”
However, Hoskinson warns that if some regulators, like U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler, are given more authority, the markets might turn against them.
“People like Gensler are empowered, we could see a mega bear market happen as a massive amount of litigation occurs and all these poor entrepreneurs just basically get put out of business by the heavy-handed government.”
In June, Republican Senator Cynthia Lummis of Wyoming and Democrat Senator Kirsten Gillibrand of New York introduced the Financial Innovation Act, which intends to provide a comprehensive regulatory framework for the digital assets market.
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