Cardano (ADA) founder Charles Hoskinson sees this bear market as an opportunity to create a regulatory framework for cryptocurrencies.
In an interview with “The Wolf Of All Streets” host Scott Melker, Hoskinson pointed out something very important, that different interests and agendas are preventing all stakeholders from working together to create a decentralized space with stability:
“The challenge for us is over the next 12 to 24 months to put differences aside and move forward together to reach higher levels. I think we can.”
Easier to work together in a recession
As he pointed out, the current recession makes collaboration much easier, as people are more likely to talk about issues affecting the cryptocurrency industry in the midst of this downward market trend.
“I think people are very tired. It’s much easier to work in bear markets than it is in bull markets.
In bull markets everyone is busy making a profit, everyone is chasing each other’s world. In contrast, in bear markets you don’t have to have the same perspective and you can just say: okay, let’s go build, let’s go cooperate. Let’s go talk to each other.
Now that we’re entering a bear market, it’s the right time and we can have some real conversations about systemic risk, macro-prudential policy, sanctions and compliance. We can have real conversations about a lot of things,” Hoskinson said.
The role of the government
Next, the founder of Cardano noted something very important, that a compromise is needed not only within the cryptocurrency space, but also with the government:
“The United States cannot continue to live as if the world ends and begins at its borders. The United States cannot continue to live with this perspective that it can regulate everyone, everywhere, all the time, and has an absolute say in everyone’s movement.
If the US is not wise in what it does, it will not stop cryptocurrencies. They’re going to take the whole industry out of the country and we’re talking about a lot of jobs. We’re talking about trillions of dollars of economic growth and value and the whole industry will leave the US if they’re too tough about it.”