Cardano founder says the project focuses on doing regulated business

• Charles Hoskinson believes that the Cardano ecosystem does not frown at regulations.

• Hoskinson has recently been talking about how the wider acceptance of his project, Cardano, could pave the way for policymakers to accept digital currencies.

Crypto regulation has been a point of interest for US lawmakers and government agencies lately. Recently, it was reported that the Joe Biden administration has come up with proposed legislation to introduce more regulations in the crypto industry. The bill draft and regulations concerning cryptos have been discussed by The CEO of Input Output Hong Kong (IOHK) and Cardano (ADA) Founder Charles Hoskinson in his recent visit to Washington D.C. 

Hoskinson has recently been talking about how the wider acceptance of his project, Cardano, could pave the way for policymakers to accept digital currencies. In his statement, he mentioned the importance of engaging organizations like the blockchain association and others to “identify opportunities for collaboration.

He believes that the Cardano ecosystem does not frown at regulations, and there will be a continuous engagement with authorities and provide feedback on legislation drafts. Also, he stated that Cardano is only focused on doing regulated business.

The Cardano ecosystem is going to be engaging and has a desire to do regulated business whether it be a security token offering, whether it be regulated, or whether it be legacy financial institutions like banks adopting the protocol and want to maintain their charters.

Cardano evolving at a faster pace

According to him, his trip to Washington brought out some important discussions, making him optimistic about the future. Also, he mentioned that there is a lot more work to be done to make the ecosystem a perfect one. 

With regards to Cardano, he disclosed that there are hundreds of use cases that are not hypothetical. Instead, they are under construction or have been constructed. He further mentioned that it is his wish to continue working and to see the Cardano ecosystem evolving. This is more likely to happen with the implementation of the Vasil Hard Fork in June.

It is reported that this will scale the protocol and increase its transaction throughput. Also, to speed up the network performance, Cardano has increased its block size by 10 percent. The team has further done some work on Cardano’s Daedalus 4.9.0 wallet which was launched in March. 

We will continue as a community to ever get more decentralized and resilient and diverse and we as a community will continue to innovate many of the things we are doing in Cardano are not just about scalability, performance, and quality of code but have a lot to do with the social elements of a cryptocurrency.

Last year, Hoskinson was in the news for saying that crypto-assets do not fit into the current scheme of regulatory bodies and asset types. According to him, crypto assets are neither commodities nor security, so they must have a different regulatory system.