Cardano co founder: encryption compliance issues should be left to encryption self regulatory organizations rather than regulators

[Cardano co-founder: encryption compliance issues should be left to encryption self regulatory organizations rather than regulators] on June 24, Charles hoskinson, Cardano co-founder, said at a congressional hearing on June 23 that legislators should formulate regulations for cryptocurrencies, but compliance issues should be left to software developers. The ideal cryptocurrency regulation should be self-regulation. For example, banks are doing KYC and AML instead of SEC or CFTC. Regarding Senator Austin Scott's concern that the SEC and CFTC do not have enough manpower to supervise the encryption market, hoskinson said that the ability of cryptocurrency to store and transmit data means that they can automatically perform most of the regulatory work. Therefore, hoskinson suggested that regulators allow the encryption industry to create a self regulatory organization (sro) to guide regulatory compliance. In addition, hoskinson said that cryptocurrency can prevent transaction settlement through programming, Until a legally mandated inspection is carried out. Hoskinson also pointed out in his testimony released through the iohk website on June 23 that compliance with us regulations and legislation must become the guiding value of the blockchain industry. （Cointelegraph）