Cardano’s native token ADA has performed exceptionally well in the past few days despite struggling as one of 2024’s worst-performing cryptocurrencies.
Rumors have been swirling that Cardano creator Charles Hoskinson could be part of a key government agency responsible for creating policies on digital assets. Hoskinson confirmed he intends to support the U.S. crypto policy under the Donald Trump administration.
Cardano’s Massive Price Hike On Hoskinson-Trump Rumors
On Wednesday, the price of ADA surged by over 41.7% to return to April highs of $0.6275 at press time. The cryptocurrency’s gains seemed spurred by rumors that Charles Hoskinson could potentially work for the Donald Trump government.
Speaking in his latest YouTube livestream, Hoskinson said he is interested in helping shape crypto policy in the United States under the new president.
“I’m going to be spending quite a bit of time working with lawmakers in Washington, D.C. to help foster and facilitate with other key leaders in the industry with the crypto policy,” Hoskinson posited. “We have to do this.”
While he did not reveal getting any official invitation to join a crypto policy department from the forthcoming Trump administration, the ADA founder mentioned that the Cardano development lab Input Output plans to establish a local office to interact with government officials, saying he “hopes to be part of” actual policy crafting when Trump takes office.
The U.S. president-elect made cryptocurrency a crucial part of his campaign trail this year, vowing to protect and boost the industry in America and end the Securities and Exchange Commission’s harsh crypto crackdown.
“The crypto policy should be written by the American people and the American crypto industry,” Hoskinson added, observing that the current policy is causing the United States to lag in global innovation.
Hoskinson also cited the potential upheaval at the SEC. Trump previously said he would fire the current chair of the Wall Street watchdog, Gary Gensler, on his first day of office. According to the Cardano co-creator, this could be an opportunity for a “clean slate” in regulatory matters.
Following the latest price upsurge, ADA has now reclaimed its spot among the top 10 cryptocurrencies with a market capitalization of around $21 billion. But even after the impressive rally, the coin is still 79.8% away from its all-time high set back in September 2021.
