Cardano founder: US regulators 'not ready' to deal with cryptocurrencies

 At a recent event, Cardano founder Charles Hoskinson explained why U.S. regulators are struggling to deal with cryptocurrencies, Golden Finance reports. He pointed out that the U.S. regulatory system is not equipped to deal with the revolutionary nature of cryptocurrencies. He added that the myriad of institutions that regulate U.S. financial markets are also “not ready” for crypto assets. Part of the difficulty for these institutions is that cryptocurrencies have the unique ability to change the way wealth is used, and thus the way it is classified. “In the U.S., we regulate by categories, calling something a security, another a commodity, another a currency,” Hoskinson said. “And then build regulators around those categories to specialize in those areas.” Coin as an example, explaining that it can be considered a currency, such as its legal tender status in El Salvador, or a commodity, such as gold. This makes it difficult for authorities to classify assets and thus regulate them.