Cardano Founder Charles Hoskinson Accuses Biden Administration Of Attempting To ‘Kill Crypto’

Cardano Founder Charles Hoskinson Accuses Biden Administration of Trying to ‘Kill Crypto’

Cardano founder Charles Hoskinson recently slammed President Joe Biden for his current stance on cryptocurrency, especially regarding the upcoming presidential election. Hoskinson was a member of Ethereum’s founding team before focusing on developing a new blockchain called Cardano. Blockchain prioritizes creating social change by providing use cases that will benefit society.

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Hoskinson started broadcast on x On May 9, we will discuss the topic “Biden and crypto”. He immediately criticized the Biden administration, accusing it of actively trying to “destroy the American cryptocurrency industry” and framing “a vote for Biden is a vote against the industry.”

The comments came after Biden vetoed a recent resolution. The SEC’s Personnel Accounting Bulletin No. 121 (SAB 121) was up for debate in Congress; The majority hoped to reject the bank’s proposal to ease restrictions on the ability to interact with cryptocurrency.

The proposal would force banks to report digital tokens held for customers on their balance sheets. This could possibly lead to large increases in accounting costs, which could prevent some banks from offering digital assets.

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But the rejection is expected to be ineffective, as the Biden administration has vowed to veto it and allow the SEC to continue its work aimed at protecting investors in cryptoasset markets and safeguarding the broader financial system. The Biden administration goes on to say that SAB 121 “was enacted in response to proven technological, legal, and regulatory risks that have caused significant losses to consumers.”

Hoskinson believes the SEC overstepped its bounds and used largely outdated regulations to defend its position. “To say that the Securities Exchange Act of 1933 was sufficient to regulate assets that arrived 90 years later is an absurd statement,” Hoskinson added.

He said other countries, such as Singapore and Switzerland, are much more receptive to crypto, which brings in large amounts of investment and provides a boost to their economies. Additionally, he noted that many of the companies currently operating in other countries would likely “be operating in the United States if our crypto policy were reasonable.”

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When asked about Trump, he said: [Trump] Management had problems, mostly ignored our industry. “The Biden administration has made a coordinated effort to kill crypto.”

As the November election approaches, the cryptocurrency industry may unexpectedly become a hot-button issue for many voters. It will be interesting to see how the candidates continue to develop their stances and how voters respond.

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