Speculation has arisen regarding Charles Hoskinson, the co-founder of Ethereum ETH/USD and Cardano ADA/USD, potentially serving as a cryptocurrency policy advisor in the administration of president Donald Trump.
What Happened: This speculation comes on the heels of recent posts and statements from various figures within the crypto community, hinting at a possible alignment of interests between Hoskinson and the Trump campaign, particularly with Trump’s recent ventures into the cryptocurrency space.
The buzz started when Rick McCracken, a notable figure in the Cardano community, expressed hope on X (formerly Twitter) that the Trump-Vance administration might consider Hoskinson for such a role.
This suggestion was not made in a vacuum; Hoskinson has previously endorsed Robert F. Kennedy Jr., who has since joined Trump’s team, indicating a potential pathway for dialogue or collaboration.
Hoskinson, known for his vocal criticism of the current administration’s crypto policies, has often highlighted the lack of regulatory clarity and what he perceives as an adversarial stance against the crypto industry.
His endorsement of RFK Jr. was seen as a move towards supporting candidates who promise a change in policy direction, focusing on healing national divisions and promoting economic freedom through decentralized technologies.
The crypto community’s interest in Hoskinson’s potential advisory role stems from his deep involvement in blockchain technology and his advocacy for a regulatory environment that fosters innovation rather than stifling it.
His insights could be pivotal, especially given Trump’s family’s recent forays into decentralized finance (DeFi) projects, signaling a more crypto-friendly stance from the former president.
However, the path to such an appointment isn’t without hurdles.
Hoskinson’s criticisms of both major political parties for their handling of crypto regulations suggest that any advisory role would come with the expectation of pushing for significant policy reforms.
This could mean navigating the complex political landscape where crypto regulations are concerned, balancing between innovation and security.
The discussion emerges as Cardano’s native token ADA has reclaimed its position as the ninth-largest cryptocurrency overall, and the seventh-largest when excluding stablecoins like Tether USDT/USD and USDC USDC/USD.
The token has shown significant momentum, up 13% over the past 24 hours and 30% over the past 30 days, breaking above key technical resistance levels that have been closely watched by market analysts, according to a crypto analyst.
Technical analysis of ADA’s current movement shows parallels to previous market cycles, particularly in relation to Bitcoin halving events.
Market data indicates ADA is currently trading approximately 201 days after the latest Bitcoin BTC/USD halving, comparable to a similar breakout pattern observed in the previous cycle at 193 days post-halving.
The asset has demonstrated a notable separation from its 20-day moving average, currently showing a 14% divergence.
Key resistance levels are identified at $0.47, aligned with the 50-week moving average, while analysts have outlined potential targets extending to $0.60-0.70 based on current pattern formations.
The timing of these speculations couldn’t be more intriguing, especially with the upcoming Benzinga’s Future of Digital Assets event on Nov. 19.
This event could serve as a platform for further discussions or announcements regarding the intersection of cryptocurrency and U.S. policy, potentially shedding light on how figures like Hoskinson might influence or be influenced by political decisions.
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