IOG CEO Comes Forward to Defend the Position of Cryptocurrency Market Against EU Regulators

The legislators in the EU that have enacted the MiCA rule have recently joined forces together to rebuke the cryptocurrency market. The regulators in EU Parliament have called for imposing a ban on the cryptocurrency sector under the pretext of the recent banking failures in the USA.

These regulators have issued a statement comparing cryptocurrencies to drugs and calling for similar regulatory action against them. However, the CEO of IOG has come forward to defend the position of cryptocurrency on this matter.

Cardano blockchain founder Charles Hoskinson has posted some remarks in response to the anti-crypto comments made by the former finance minister of Belgium. The financial sector is currently going through a troubled time at present.

Meanwhile, there are several government institutions and officials who have alleged cryptocurrencies bear their responsibility. Speaking on the matter, Hoskinson claimed he took a severe look at the failures of traditional banking enterprises and the financial regulators who have been unable to remedy the deteriorating situation.

In the current environment, the crypto market has been wrongfully convicted by regulators for causing the recent banking crisis in the USA. Hoksinson mentioned in his latest tweet that cryptocurrency stakeholders should not lose their faith in the DeFi products and sector.

He also claimed that cryptocurrency investors should be agile about making the correct voting choices for elected officials that have a friendly stance towards the cryptocurrency markets.

He also urged cryptocurrency investors to act as single crypto voters. He alleged that the recent banking crisis was staged by the Central Bank and the financial regulators with the intent to target the crypto market. His tweet asked his followers to remember these transgressions against the cryptocurrency market when election time arrives.

At present, the business industry and financial institutions are bracing for the impact that is going to arrive after the next interest hike as projected by the Federal Reserve.

Right-wing Political Party Leaders are using Crypto as a Political Instrument

Hoskinson told the journalists from CoinDesk that the Right-wing politicians of the EU parliament are using cryptocurrencies as a political instrument.

They have likened cryptocurrency products to drugs without granting any real legal basis for imposing the demanded exodus on the cryptocurrency markets. Therefore, the cryptocurrency world should be ready to discard their baseless comments.

Hoskinson asked cryptocurrency investors to be mindful of such assertions and express their distastes in the form of votes. The cryptocurrency stakeholders can respond to the anti-crypto stance of EU parliament members by exercising their voting rights and electing politicians that have a fair and logical outlook toward the cryptocurrency markets.

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