‘Great Progress’: Cardano Founder Shares Update After CLARITY Act Roundtable

Top crypto market players met at the CLARITY Act roundtable in Washington. Charles Hoskinon confirmed that Cardano was fully represented since he attended the meeting. According to him, the meeting was fruitful as there was significant progress made regarding crypto legislation.

Ripple, A16Z, and Cardano Step Up in CLARITY Act Push

Hoskinson praised Ripple and venture capital giant Andreessen Horowitz (A16Z) for their strong contributions during the talks. He said there’s still much to be done. But the meeting demonstrated that a clear set of rules for the industry could be completed this year.

After years of lawmakers debating on how to regulate crypto, they have enlisted the help of industry leaders establish transparent guidelines in the U.S. This will ensure that innovation is not stifled and investors are well protected. Recently, the House reattached the Anti-CBDC bill to the CLARITY Act, a step that shows how lawmakers are consolidating crypto reforms.

The roundtable is among the most direct political signs of a collaborative effort to achieve this objective. The presence of Ripple at the meeting reflects its push to shape legislation following prolonged regulatory battles, notably its dispute with the Securities and Exchange Commission regarding XRP.

The involvement of A16Z is significant given that it has numerous investments in blockchain and Web3 projects. The two companies have constantly embraced policies (including the CLARITY Act) that give U.S. a competitive edge in the industry.

The presence of Hoskinson also demonstrates that Cardano remains willing to collaborate with regulators regarding appropriate crypto regulations. Hoskinson’s update reassures ADA supporters that Cardano is working directly with policymakers to influence outcomes.

Broad Industry Participation Shapes Draft Legislation for Crypto Market Structure

The three mentioned market players were not the only ones that attended the meeting. Former FOX Business reporter Eleanor Terrett stated that other attendees include representatives from Coinbase, Kraken, Paradigm, Circle, and Multicoin Capital.

Terrett said that the conference took more than one hour and focused on improving the market structure draft. Also, the CLARITY Act framework by Senate Democrats indicate that they are aligned with discussions regarding clear crypto market legislation.

This draft is significant to the CLARITY Act since it details how exchanges, issuers, and investors will collaborate under a single set of regulations. By having many top market players involved, legislators had first-hand information about the impact of the proposed language in the draft would affect operations in the sector.