Nov 11, 2024
6thTrade
Cardano's (ADA) value surged, reaching a seven-month high, after founder Charles Hoskinson announced plans to influence cryptocurrency policy in Washington under President-elect Donald Trump's administration.
What Happened: ADA, Cardano’s native cryptocurrency, saw a 15% increase in the last 24 hours and a remarkable 353% jump in trading volume. The ninth-largest cryptocurrency by market cap reached an intraday high of $0.65 before pulling back to just under $0.60.
With a 78% gain over the week, ADA became one of the top-performing large-cap cryptocurrencies during this period. The rally was fueled by Hoskinson’s commitment to pushing for a clearer regulatory framework for cryptocurrencies in Washington.
In a recent podcast, Hoskinson stated, "I’m going to be spending quite a bit of time working with lawmakers in Washington, D.C., and members of the administration, along with other industry leaders, to help shape cryptocurrency policy."
Hoskinson shared optimism about the Republicans’ control of the presidency and Senate, and a strong chance of controlling the House, calling it the "best opportunity" to achieve regulatory clarity for the industry.
Why It Matters: While specifics about Hoskinson’s role remain unconfirmed, speculation suggests he may join a cryptocurrency advisory council proposed by Trump during his campaign. Hoskinson, who has frequently criticized the Biden administration's stance on cryptocurrency, sees this shift as a chance for progress.
Known as a co-creator of Ethereum and a prominent voice in the cryptocurrency community, Hoskinson has often advocated for regulatory clarity, particularly in light of the Biden administration’s perceived adversarial approach to the industry.
