Cardano founder Charles Hoskinson says major U.S. crypto reforms are coming soon.
Stablecoins, which are digital assets pegged to real-world currencies like the U.S. dollar, have grown to a market cap of over $160 billion, with Tether (USDT) and USD Coin (USDC) leading the way. Yet in the U.S., lack of regulation has prevented banks and financial institutions from fully embracing them.
The market structure bill, meanwhile, could finally define which agencies oversee which parts of the crypto ecosystem. Today, developers and exchanges are stuck in regulatory limbo between the SEC and the Commodity Futures Trading Commission (CFTC).
Hoskinson’s remarks align with recent developments, including bipartisan discussions in Congress and increased pressure from industry players for regulatory clarity. Just last month, House Financial Services Chair Patrick McHenry said he expects “substantial progress on digital asset policy” before the 2024 election cycle ramps up.
Clearer rules could also pave the way for more institutional adoption. In a recent survey by Coinbase, 87% of institutional investors said they are waiting for regulatory clarity before scaling up their crypto exposure.
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