Cardano (ADA) experienced a significant surge, reaching its highest point in seven months, following a bold declaration from its founder, Charles Hoskinson. He pledged to actively participate in shaping cryptocurrency policy under President-elect Donald Trump’s administration.
ADA, the native cryptocurrency of the Cardano ecosystem, witnessed a remarkable 15% increase in the past 24 hours. This surge was accompanied by a staggering 353% jump in trading volumes. The ninth-largest cryptocurrency by market capitalization reached an intraday peak of $0.65, before retracting slightly below $0.60.
With gains exceeding 78% over the past week, ADA emerged as one of the top-performing large-cap cryptocurrencies during this period. This rally was primarily attributed to Hoskinson’s announcement regarding his proactive involvement in Washington D.C. to advocate for a clear and comprehensive regulatory framework for cryptocurrencies.
Hoskinson, known for his vocal criticism of the Biden administration’s approach to cryptocurrencies, emphasized the need for regulatory clarity and expressed frustration with what he perceived as an adversarial stance towards the industry. He believes that with Republicans holding control of both the presidency and the Senate, along with a strong likelihood of retaining control of the House, this presents an unprecedented opportunity for the crypto industry to achieve clarity and progress.
During a recent podcast, Hoskinson stated, “I’m going to be spending quite a bit of time working with lawmakers in Washington, D.C., and quite a bit of time working with members of the administration to help foster and facilitate, with other key leaders in the industry, the cryptocurrency policy.”
While there is currently no concrete evidence to support Hoskinson’s statements, speculation suggests he may be seeking a position on Trump’s cryptocurrency presidential advisory council, a council that was initially mentioned during Trump’s presidential campaign earlier this year.
Hoskinson, recognized as a co-creator of Ethereum (ETH) and Cardano, alongside his early involvement with Bitcoin (BTC) related groups, is a prominent voice in the cryptocurrency space.
At the time of writing, ADA was trading at $0.5934, representing a 15.23% increase in the past 24 hours, according to data from Benzinga Pro.
The crypto community is eagerly awaiting further details about Hoskinson’s plans and the potential impact they might have on the future of cryptocurrency regulation in the United States.
