Charles Hoskinson, the founder of Cardano, has conveyed his endorsement of the "Crypto Bill of Rights" initiative by Vivek Ramaswamy, a Republican candidate for the forthcoming United States presidential election.
Cardano Founder On "Crypto Bill of Rights" Proposal
According to a statement by MetaLawMan, Ramaswamy will ensure that regulatory bodies enforce crypto policies expressly authorized by Congress. Moreover, he espoused the notion of categorizing most crypto assets as commodities.
As per the cryptocurrency proposition put forth by the presidential candidate, MetaLawMan underscored Ramaswamy's conviction that all individuals should hold digital assets in self-custody purses. Additionally, Ramaswamy emphasized that the government's classification of any crypto token must be public knowledge and accessible to all in advance.
In addition, Ramaswamy suggested that the Federal Reserve should be obligated to grant issuers of stablecoins access to financial facilities similar to banks. With apprehension regarding how Tornado Cash was handled, he argued against software developers' criminal or civil liability for the sheer act of coding.
Ramaswamy Might Bring ADA Bull
According to reports, if Ramaswamy be elected, a substantial number of the U.S. Securities and Exchange Commission (SEC) staff would be terminated.
Moreover, the Republican presidential candidate argues that most cryptocurrencies should be regarded as commodities and exempt from regulation by the SEC. This highlights his approach to undermining the regulator, which is endorsed by numerous community members who view the SEC as an obstacle to the growth of the cryptocurrency sector.
ADAUSD Technical Analysis
In the daily chart of ADAUSD, the current market structure is volatile as the recent price violated near-term support and resistance levels after setting a top at the 0.677 level.
In the volume structure, the most active level since 16 October is at 0.378, which is way below the near-term support level. Moreover, a bearish daily candle is visible below the dynamic 20-day EMA, with a bearish engulfing candlestick formation.
Based on this outlook, investors should monitor how the Cardano price trades at the 0.488 intraday support level. A failure to hold the ADA price above this line could lower the price towards the 0.341 support level.
On the other hand, the broader bullish trend could resume after a stable market above the 20 DMA level with consolidation.