Representative Austin Scott specifically asked for opinions on who should control the nearly 20,000 existing cryptocurrencies during the session titled The Future of Digital Asset Regulation.
Charles Hoskinson responded by linking to the US Internal Revenue Service (IRS): ” One of the strengths of our industry is the fact that regulation can become algorithmic. So you don’t have to wonder “who is going to sit down and stare at that big stack?”. Think about the IRS and tax returns. We could quadruple the size of the IRS, but we still couldn’t audit every American – that’s just not possible. »
Hoskinson went on to say that “transactions themselves may contain metadata” and identification in the cryptocurrency industry. Regulators and policy makers, he added, “ can step back and say, These are the things we care about, and we can make sure that within the systems, these things don’t come and go until they’re there. ».
Cryptographic self-certification would be the answer!
Hoskinson suggests that the problem can be solved by a self-certification system:
“It’s more of a conversation about what matters to you. And what we can do as technologists is create a system of self-certification and then, when there are anomalies or outliers, which would be rare, the FCCT or some other regulatory body can look at the situation and say “let’s investigate this”. »
Given the very technical repos that the founder of Cardano brought before Congress, it may take intermediaries for these members to understand what explains Hoskinson !