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Cardano (ADA) founder Charles Hoskinson says the bear market is creating an opportunity to build a regulatory framework for crypto.
In a new interview with The Wolf Of All Streets host Scott Melker, Hoskinson says different interests and agendas prevent stakeholders from working together towards a stable decentralized space.
“It’s in the vacuum of leadership that leaders can form and so the challenge for us in the next 12 months to 24 months is to set the differences aside and move on and get to higher water and I think we can.”
He says the current downturn makes collaboration much easier as people are more likely to talk about issues affecting the crypto industry amid bearish sentiments in the market.
“I think people are very tired. Bear markets are much easier to collaborate in than bull markets.
In bull markets, everybody’s on a land grab, everybody’s poaching each other’s people. In bear markets, you don’t have to have those same optics and you can just say, ‘okay, let’s go build, let’s go collaborate. Let’s go talk to each other.’
Now that we’re entering into a bear market, it’s the right time and we can have some real conversations about systemic risk, macro-micro prudential policy, sanctions, and compliance. We can have real conversations about a litany of things.”
He says a compromise is also needed not just within the crypto space, but also with the government.
“The United States can’t keep living as if the world ends and begins at its borders. The United States can’t keep living with this perspective that it can regulate everybody, everywhere, every time and has absolute say in the movement of all…
If the US is not wise in what it does, it won’t shut crypto down. It’ll just simply offshore the entire industry and we’re talking about jobs, Solidity developers making half a million dollars a year. We’re talking about trillions of dollars of economic growth and value and the entire industry will leave the US if they’re too harsh about this.”