Cardano co-founder Charles Hoskinson has told Congress it should make regulations for crypto but leave compliance up to the software developers.
Hoskinson likened the ideal arrangement for crypto regulation to the way banking self-regulation works during a June 23 congressional hearing, telling legislators “it’s not the SEC or the CFTC going out there doing KYC-AML, it’s banks.”
“It’s a public-private partnership. What needs to be done is to establish those boundaries, then what we can do as innovators is write software to help make that happen.”
The Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) are two of the financial regulators battling over jurisdiction of the crypto industry.
Republican Representative Austin Scott from Georgia