Charles Hoskinson believes that the new law on financial innovation will attract large investors to the digital asset market
Cardano founder Charles Hoskinson believes that the financial innovation bill developed in the US will help the most sought-after digital currencies rise above all-time highs. The expert believes that if the draft law is approved by the US authorities, institutional investors will be able to invest huge amounts in crypto markets.
In addition, this will help reduce regulatory risks associated with investments in digital assets.
“Since joining the crypto space, I have been through seven bear markets and this current one is no different. It could be 18 months, it could be two years, it could be over by the end of the year, who knows? But if America passes a financial innovation law, we are likely to see a mega-bull market, because a huge amount of institutional money will come in, and also all the regulatory risk with cryptocurrencies will disappear,” said Charles Hoskinson.
The Cardano founder praised the new bill proposed by Senators Cynthia Lummis and Kirsten Gillibrand. The document involves the development of a regulatory framework for crypto assets.
This year, the American authorities have stepped up in terms of creating standards for regulating the sphere of cryptocurrencies. At the same time, Hoskinson emphasizes that excessive control by regulators can harm this area of the economy and ultimately stifle the emerging industry.
“If people like Gensler are empowered, we could see a mega bear market as there will be a huge amount of litigation and all these poor entrepreneurs will just be forced out of business by an oppressive government,” said the Cardano founder.
Earlier, senators working on a bill to regulate the digital asset market said that it is likely to be passed next year.
And the well-known cryptanalyst Ali Martinez noted the high level of interest of large investors in the crypto sphere. In particular, he drew attention to the fact that in recent months, 6 addresses have been added to the number of DOGE “whales”. Investors purchased 620 million Dogecoin.
We are talking about investors whose wallets contain from 100 million to 1 billion coins. 6 addresses seem like a rather modest amount, but it is more than 5% of the total number of Dogecoin whales. Taking into account that the price of DOGE is about $0.06, the whales invested about $37.6 million.