Cardano founder Charles Hoskinson recently criticized President Joe Biden’s administration, accusing it of actively working to stifle the cryptocurrency industry in the United States.
In a video posted on May 9, Hoskinson asserted that the Biden administration’s actions were unmistakably aimed at undermining the American cryptocurrency sector. He pointed to various factors, including restricted access to bank accounts, the Securities and Exchange Commission’s (SEC) regulatory approach, and recent obstacles in the legislative process.
Hoskinson made a bold statement, suggesting that supporting Biden equates to opposing the American crypto industry. This viewpoint was prompted by the White House’s announcement of its opposition to legislation seeking to overturn SEC guidelines discouraging banks from custodying crypto assets.
The White House’s stance against overturning SEC guidelines was made clear, emphasizing the need to protect investors and the financial system. Hoskinson criticized the SEC for applying outdated regulations to innovative asset classes like cryptocurrencies.
Hoskinson highlighted countries like Switzerland, Singapore, and Dubai as examples of jurisdictions embracing crypto companies and reaping substantial investment benefits. He suggested that the United States could have attracted many of these firms if its crypto policies were more favorable.
Responding to criticism comparing Biden’s stance with that of the previous Trump administration, Hoskinson argued that while Trump may have had issues with crypto, Biden’s administration actively sought to suppress the industry.
In April, reports emerged that the Biden administration urged Congress to target the American Bitcoin mining sector, drawing inspiration from China’s approach.
Hoskinson’s remarks underscore growing tensions between the cryptocurrency industry and the Biden administration, with concerns over regulatory obstacles and the industry’s future in the United States.
Get $200 Free Bitcoins every hour! No Deposit No Credit Card required. Sign Up