Cardano (ADA) founder Charles Hoskinson has said that the Terra (LUNA) collapse has had an impact on the growth of the sixth-largest crypto asset by market cap.
According to Hoskinson, the repercussions of the de-pegging of the TerraUSD (UST) algorithmic stablecoin have caused Cardano developers to be more cautious in their plans for a Vasil upgrade.
“Right now, our engineers are deep in the weeds and working really hard on Vasil. A massive amount to do, a huge amount of testing to do.”
Following the demise of LUNA, we decided to add an additional test harness to what we were doing and think about several things very carefully. It’s taking a little longer, but we figured that being cautious is highly rewarded these days.”
The Vasil upgrade aims to improve Cardano’s scalability and the blockchain’s smart contract language, Plutus. The update is set to take place in late June.
Aside from Cardano, Hoskinson believes that the Lummis-Gillibrand Responsible Financial Innovation Act, introduced recently by US Senators Cynthia Lummis and Kirsten Gillibrand, is a “huge step forward” for the industry.
“Frankly this is a massive step forward. It’s an example of where Washington actually did listen to the industry. And engaged with people. And it didn’t bias it towards one crazy standard or another and a lobbyist hasn’t gotten hold of it and turned it into some toxic monster that only benefits one actor over another… ”
”My hope is over the next 12-24 months if we all work together, we can finally get something passed and then it’s done.” We actually have a foundation of regulation that’s not intrusive and allows us to innovate as an industry,” said Hoskinson
The law aims to establish legislative certainty for digital assets, responsibly tax crypto assets, and protect consumers, among other things.