Assessing if Hedera’s U.S. presentation can wind down crypto regulatory heat
- The Hedera Hashgraph team spoke to the U.S. delegation about the blockchain ecosystem.
- Clampdown on the ecosystem remains constant but the HBAR’s price increased.
Hedera [HBAR], the decentralized enterprise-grade public network got an opportunity to discuss the idea behind its project at a U.S. Department of state meeting.
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The event, which covered private sector discussions, offered Hedera the chance to explain how decentralized projects help some of the country’s objectives.
1/3 Today at @POTUS’ #SummitForDemocracy, #Hedera has made a commitment to convene a democracy roundtable on how #blockchain technologies can and are supporting human rights, #transparency, and #sustainability through #DLT-enabled applications.https://t.co/pyrGjXt0if
— Hedera (@hedera) March 29, 2023
Realistic or not, here’s HBAR’s market cap in BTC terms
A dive into the world of the untamed
Created by Hedera Hashgraph LLC, a cryptography firm in the United States, the Hedera public network facilitates the use of smart contracts to validate transactions and reduce data manipulation.
This, and details about the usability of the Distributed Ledger Technology (DLT) were the talking point shared by the project.
However, it is necessary to point out that the address does not immediately translate to the country’s slowdown on the crypto clampdown.
For some time, the United States, led by its Securities and Exchange Commission (SEC) has shown disdain toward crypto firms, and several existing tokens.
This same conflicting position has driven the case with Ripple [XRP] to escape resolution for over two years. World’s largest exchange Binance has not been left out. And Ethereum [ETH], a token that has existed for eight years has been tagged security by the Gary Gensler-led administration.
Therefore, it is highly unlikely that the solution Hedera has extended would quench the year-long hunt. In fact, it has worsened to the point that the SEC Chairman requested more funds to continue its “oversight”.
In his testimony before the U.S. Financial Services Committee, Gensler had asked for $2.43 billion to further the commission’s activities in 2024.
Although his statement largely avoided a direct attack on crypto, he was not unable to label the ecosystem as “non-compliant.”
However, the broader market seemed unperturbed by Gensler’s gimmicks. On 29 March, Bitcoin [BTC] momentarily tapped $29,000. However, the coin has been able to sustain its value above $28,000 ever since.
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Hedera’s involvement with the authorities was surely not expected to affect its growth. But the token has been able to upturn its initial seven-day deficit. At press time, HBAR exchanged hands at $0.064, bringing its 24-hour performance to a 3.38% uptick.
According to CoinMarketCap, the trading volume within the same period increased by 164%. The volume measures the aggregate amount of transitions that occurred within a network.
Hence, the hike simply means that an increased number of HBAR tokens have been bought and sold irrespective of gains made or losses incurred.