Hoskinson Teases Working With Trump Administration As ADA Soars
Cardano (ADA) soared to its highest point in seven months after founder Charles Hoskinson announced his plans to play an active role in shaping cryptocurrency policy under President-elect Donald Trump and his new administration.
A prominent figure in the crypto world, Hoskinson is best known as the co-founder of both Ethereum (ETH) and Cardano, as well as for his early involvement with Bitcoin (BTC).
A Remarkable Surge
ADA, which serves as the native cryptocurrency for Cardano, surged 15% in the past 24 hours, with trading volumes skyrocketing by a whopping 353%. The ninth-largest cryptocurrency by market cap hit an intraday high of $0.65 before pulling back slightly below $0.60.
With a remarkable 78% increase over the past week, ADA stood out as one of the top-performing large-cap cryptocurrencies during that period. The rally was sparked by Hoskinson boldly proclaiming that he wants to work closely with lawmakers in Washington, D.C., to push for a clear and supportive regulatory framework for the crypto industry.
A Long Way To Go
Hoskinson expressed optimism, noting that with Republicans now holding the presidency and Senate, and likely to control the House as well, the crypto industry has an unprecedented opportunity to secure regulatory clarity.
While there is no official confirmation yet, speculation is swirling that Hoskinson could be appointed to a new cryptocurrency advisory council under Trump, a position the president-elect mentioned during his campaign. Known for his outspoken criticism of the Biden administration and their approach to crypto, Hoskinson has often pointed to the lack of regulatory clarity and the struggles of the industry against perceived hostility by the government.
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