Founder of Cardano Shares Thoughts on Staking Programs
In the aftermath of the Securities Exchange Commission’s (SEC) settlement with cryptocurrency exchange Kraken in the United States, Cardano founder Charles Hoskinson has commented on recent events regarding staking programs.
Hoskinson recently made the point that staking models must change and improve in order to stay compliant with regulations and offer better staking services. He added that Cardano is looking into the idea of implementing a new “contingent staking” style certificate.
Staking pool operators (SPOs) would be able to choose which users can join the pool thanks to this ground-breaking technology, guaranteeing adherence to U.S. regulatory rules. According to Hoskinson, the operator would have the power to verify and approve the transactions of new players and to sign a contract to resolve any peculiarities in regulatory requirements.
Cardano’s creator claimed that the recent SEC crackdown has highlighted the necessity for the community to actively look for a solution. He called the U.S. government’s existing regulatory enforcement in the cryptocurrency sector “counterproductive” for carrying out financial transactions.
Hoskinson stressed that SPOs will need to come up with a solution for staking programs if the regulatory environment doesn’t improve. Cardano’s cryptocurrency ADA, which is now trading at $0.359 after falling by 1.8% over the last day and 9.8% over the previous seven, has been trending lower over the past week. ADA may experience more price decreases and find support at $0.326 if it is unable to sustain the present support level of $0.350.