Charles Hoskinson Argued Regulators Will Clamp Down On NFTs

Charles Hoskinson argued that regulators will clamp down on NFTs this year and beyond as we are reading more in our latest Cardano ADA news today.

The founder of Cardano, Charles Hoskinson argued regulators will start clamping down on NFTs and laid out some thoughts on the last day of 2021. He went live on an hour-long YouTube video, talking about the past and present and the future of ADA as well as the industry as a whole. One of the things that Hoskinson mentioned in the video is that 2022 will be one of the best years for the industry for the Cardano project.

He outlined that the market grew too fast and that we are going to digest as an industry with the consequences for better or for worse of becoming so big so fast. Among some of the predictions made in the video, said that we are going to have a resolution on the Ripple Case saying that at this point Ripple looks like they will going to win. Hoskinson said that going forward in 2022 we will also see a lot of regulatory involvement in the industry especially clamping down on Defi and NFTs. He gave an example of what happened to initial coin offerings with the regulators took an aim at them in 2018 and 2019.

As recently reported, Cardano was founded in 2015 and launched in 2017 as an alternative to Ethereum and it is a proof of stake blockchain which relies on the network validators to process the ADA transactions but also to maintain the network. It is the sixth biggest crypto with a market cap of $51.18 billion at the time of writing. People complained in the past that Cardano hasn’t met its goal of being totally decentralized and IOG in 2020 published a paper that explained how it will decentralize block production which is a goal that was reached back in April 2021.

The network turned community-governed and in September we saw the public launch of the smart contracts on Cardano that opened up the network’s capability to support DeFi applications. Defi protocols rely on smart contracts rather than third parties to provide financial services like borrowing, trading, and lending. These protocols locked over $260 billion in different blockchains according to the data on Defi LLama.