Charles Hoskinson has urged the Cardano Foundation to consider moving its operations from Switzerland to more crypto-friendly jurisdictions like Abu Dhabi or Wyoming.
Cardano founder Charles Hoskinson has recently asked the Cardano Foundation to consider its relocation from Switzerland to other jurisdictions like Abu Dhabi and Wyoming wherein it would allow users to choose their board members.
Charles Hoskinson made this pitch in his recent social media post on the X platform asking Cardano community members to question the Foundation about its board structure as well as the decision-making process. As per the current arrangement, the Swiss government appoints the board members without any inputs from the community.
Sharing concerns over such an arrangement, the Cardano founder encouraged the community to ask questions about individuals involved in the Foundation’s past decisions and its connection with Intersect.
Hoskinson also criticized the Foundation for continuing to stay in Switzerland, while simultaneously proposing other crypto-friendly jurisdictions like Wyoming or Abu Dhabi having inclusive governance models.
According to the Cardano founder, this approach would enable the community to work with the Foundation on creating a new structure that promotes transparency and encourages member involvement. He added:
“The foundation shouldn’t be in Switzerland. There are many jurisdictions that allow for different DLT foundations like Abu Dhabi or Wyoming. The community could design with the CF a new structure, and the CF could grant the funds to this structure.”
Founded in 2016, the Cardano Foundation operates under Swiss law, which does not permit community-based board elections. Despite efforts to enhance transparency through open forums, there are ongoing calls for a restructuring of its leadership. The Foundation is planning to host an X Spaces series where its senior leadership will offer more insight into its operations.
Cardano (ADA) Price Action Ahead
Cardano’s ADA $0.65 24h volatility: 3.0% Market cap: $23.54 B Vol. 24h: $493.72 M native cryptocurrency ADA participated in the broader crypto market rally following the Doland Trump victory. However, over the last two weeks, the ADA price has been moving sideways correcting over 20% from the peak of $1.22 in early December.
In the last 24 hours, the Cardano price has dropped another 6.5% amid the altcoin market crashing ahead of the FOMC meeting. As ADA currently finds support at $1.0, market analysts are hopeful of a rally ahead.
Crypto analyst Ali Martinez reports that Cardano (ADA) whales took profits as the price rose from $1.15 to $1.33. However, following a drop to $0.91, these whales have resumed buying, accumulating 160 million ADA since the dip.
#Cardano whales took profits on the way up from $1.15 to $1.33, but after $ADA dropped to $0.91, they started buying again.
In fact, they’ve bought 160 million $ADA since the dip! pic.twitter.com/13RlCnMpIO
— Ali (@ali_charts) December 17, 2024
Some crypto market analysts are predicting the ADA price to surge to $1.67 by the year-end, while others have given even higher targets of $3 and above.
next