DIAMOND VISUALS in Cardano and US Dollar
According to Charles Hoskinson, Cardano founder, the US Treasury does everything possible to destroy crypto.
Hoskinson was in South Africa to speak as part of a pan-African tour, which began last week.
He said, "A $2 trillion industry has just popped up in our backyard. And my government's trying it to death."
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Cardano founder Charles Hoskinson, who was on a trip to Africa last week, stated that the US Treasury Department is working hard to block crypto assets.
He opened an event in Cape Town South Africa by stating that he was not discouraged about the Treasury's attempts to restrict the growing crypto community.
To protect against money laundering, exploitation, ransomware attacks and fraud, regulators have been more vigilant in monitoring the crypto industry.
Hoskinson stated that the Treasury Department in DC does everything possible to destroy our industry. This was part of a tour that began last week.
"A $2 trillion industry has just sprung up in my backyard, and my government is trying to stop it."
Market players seek regulatory clarity in the rapidly growing crypto space. As bitcoin has gained in value and adoption, authorities around the globe have intensified their scrutiny.
According to Binance data, Cardano's Ada has risen more than 2,000% in the past 2021. It is the fourth largest cryptocurrency, with a market cap of more than $70 billion.
Because they are decentralized, and it is hard to trace their ownership, cryptocurrencies have been an attractive option for criminals for a long time.
The Treasury, responsible for US financial infrastructure maintenance, blacklisted the first crypto exchange it had in September.
According to the agency, Suex, a Russian-owned company, would be sanctioned for laundering ransomware money. 40% of transactions on the exchange were linked to illegal activity.
Recently, the Treasury joined the chorus calling for crypto companies in the forefront to stop ransomware payments that cannot be traced on the Blockchain.
Jerome Powell, Chairman of the Federal Reserve, clarified that he did not intend to ban crypto in September.