• Michael Parsons, the Chairman of the Foundation Council resigns, Pascal Schmid takes his place
• The community seems to be happy, but ADA is sliding.

There are big changes taking place within the Cardano Foundation. Michael Parsons, Chairman of the Foundation Council has resigned. His position will be taken by the Council Member Pascal Schmid, the University of St. Gallen graduate and an expert in finance and foundation.

The company is looking for candidates to fill in the vacant position in the Foundation Council as soon as possible.

The community was enthusiastic about the news.

“No trouble. It’s a good thing. There were a lot of allegations towards Mr. Parsons that were identified by the Cardano community and affiliated organizations. It was a systematic success of how internal regulations should work,” a Twitter user with a nickname Reagan Dunagan wrote in response.

Actually, Cardano’s founder Charles Hoskinson accused Cardano Foundation and Parsons in particular of neglecting duties and hiring close friends and relatives to top positions within the organization.

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Hokinson revealed his concerns in an open letter, while the community started a petition against Parsons.

From the petition:

“If you are a believer in the Cardano vision, an investor in the Cardano venture, or if you simply believe, regardless of the loose regulation of the crypto space, that we still deserve crypto leaders to be accountable and to be brought to justice, then you should sign the petition to help us to raise our voices and make Mr. Parsons take appropriate action.”

So, in the long run, the staff shuffling shouldn’t affect Cardano in a negative way; however, the uncertainty related to the changes might put the coin under the short-term pressure.

What’s going on with Cardano (ADA) right now

Cardano (ADA) is down 3.3% since this time on Tuesday, trading at $0.0722 at the time of writing. The coin takes the 8th position among the largest digital assets with a market capitalization of $1.9B.