Cardano founder will work with regulators pass Crypto bills

Charles Hoskinson said that he planned something new for Crypto 2023 in response to the FTX meltdown incident. 

Charles Hoskinson is the founder of the Cardano blockchain and also one of the co-founders of the Ethereum blockchain. He is an American entrepreneur & CEO of Input Output Global (IOG). IOG is a team of devs who work on different parts of the Cardano blockchain, to enhance the ability of the Cardano network to process transactions with better efficiency. 

On 8 Jan 2023, Charles Hoskinson took to Twitter to inform the Crypto Community that he is working on a new game plan for crypto 2023.  For this, he will work with the lawmakers to pass sensible cryptocurrency and blockchain legislation. 

This tweet from Hoskinson confirmed that it is a response action because of Sam Bankman-Fried (SBF), who did a very big Crypto fraud with huge numbers of Crypto Investors with the help of the FTX crypto exchange.

Sam Bankman-Fried & fraud 

Sam Bankman-Fried (SBF) is a co-founder & former CEO of the FTX crypto exchange. FTX exchange collapsed in the first week of Nov 2022 and later this exchange filed for Chapter 11 Bankruptcy in a US court along with more than 100s of its affiliated companies, on 11 Nov.

Indeed, SBF used the FTX customer’s fund for personal benefits and also funded his other crypto company Alameda Research, which was illegal because SBF used only FTX customers’ funds.

After the downfall of the FTX exchange, the majority of the regulatory bodies became very strict toward the Crypto companies. And also Crypto Investors seeking non-custodial decentralised Crypto services, to remain away from any kind of fraud. 

Read also: Dogecoin ranks 4th position on Bitpay