When it comes to formulating policies and regulations for the cryptocurrency space, there is no better choice than appointing someone who has a great understanding of the ins and outs of digital assets. This is the conviction of Cardano founder Charles Hoskinson as he nominated Coinbase executive, Brian Armstrong, to be the “Crypto Czar” of the incoming US President Donald Trump’s administration.
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Trump Eyes A Crypto Chief
US President-elect Trump has asked his transition team to study the possibility of creating a government role that will exclusively handle the crafting of policies for cryptocurrencies, as he takes steps to fulfill his campaign promise of making his administration more friendly to the crypto sector.
Reports said that the individual appointed to the said role will be responsible for liaising with Congress and regulatory authorities like the US Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) to implement the stance of the President on digital assets.
However, the specifics of what the position would be remains ambiguous at the moment. The position might be a senior-level staff role, or it could be a “crypto czar” with a broader role that oversees the government-wide policy on cryptocurrencies.
For his part, crypto founder Hoskinson believes that the proposed White House crypto expert should be an individual with a deep understanding of why cryptocurrency is special and what the Biden administration has done wrong with it.
“I feel the role needs to be filled with someone who is neutral, works with all the protocols,” Hoskinson explained.
Total crypto market cap at $3.23 trillion on the daily chart: TradingView.com
Brian Armstrong: Ideal Choice For The Role?
The Cardano founder argued that there is no better person to fill in the shoes of the crypto czar than the Coinbase CEO, saying that Brian Armstrong, in his opinion, is the only candidate that “stands out” in the crypto industry for this role.
Hoskinson explained that Brian Armstrong has become “one of the pillars of crypto”, adding that the CEO was able to withstand the “unfair tactics of a government committed to regulation through enforcement.”
Coinbase founder and CEO Brian Armstrong. Source: Steven Ferdman/Getty Images
“I know he could build a broad tent coalition to bring the industry together and help us get the government rallied behind real action including passing new laws,” the crypto founder remarked.
Meanwhile, Hoskinson said that he is also doing his part to push for better crypto regulations, saying that he has collaborated with legislators in Wyoming to advocate for the passage of 31 crypto laws.
“I’m focusing a ton of my efforts on the House and Senate to help facilitate the legislative effort that will forever remove the abuses of the current federal government and open the floodgates for the legacy world to enter crypto,” he added.
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Challenges Ahead
Analysts viewed that the President’s favorable stance on digital assets may face many challenges to make it a reality, adding that regulators would definitely exert every effort to block the implementation of crypto-friendly proposals because they see cryptocurrencies as risky to retail investors.
Oppositions argued that watering down stringent regulations on digital assets might result in fraud and greater market instability. However, it seems Trump is firm on his stand and would not let critics hinder him from championing cryptocurrencies, energizing the blockchain industry, and driving positive market sentiments on virtual coins.
Featured image from Coinmood, chart from TradingView