Hoskinson criticized Biden’s crypto stance in the middle of the election season

In a nearly 15-minute video, Ethereum (ETH) co-founder and Cardano (ADA) co-founder Charles Hoskinson shared his thoughts on President Joe Biden's administration's stance on the crypto industry.

Hoskinson HJ highlights the Biden administration's statement regarding Res 109. This recommendation is contrary to Securities and Exchange Commission (SEC) Staff Accounting Bulletin (SAB) 121.

Hoskinson Speaks Out Against Biden's Crypto Regulations

SAB 121 is of particular interest to the crypto community as it requires financial institutions to include customers' digital assets on their balance sheets. Critics see this as a major operational and financial hurdle.

The White House said failure to adopt this rule would weaken the SEC's protection of investors and the financial system. He insisted, “If the President comes up with HJ Res. 109, rejects the vote.

Read More: How Does Regulation Affect Crypto Trading? Complete guide

In response to the current situation, Hoskinson called the idea of ​​regulating crypto under the Securities Act of 1933 an “absurd statement.”

“Cryptocurrencies can be commodities, securities, currencies, loyalty points, intangible tokens. All at the same time. So, how do you do these property rules when things can move daily, weekly, monthly? In fact, conditions can change over time,” Hoskinson explained.

Hoskinson warned that the United States could lose all its cryptography experts. He speculated that they might move to China and other regions in the Middle East. There, opponents can “weaponize” the US.

However, Hoskinson noted that Joe Biden cannot do anything to completely destroy Bitcoin or cryptocurrencies. Concluding his speech, Hoskinson emphasized the importance of voting for crypto in the upcoming November elections.

“Vote crypto in November and understand who doesn't vote crypto,” he urged.

A member of the crypto community challenged Hoskinson. The previous administration wasn't exactly crypto-friendly either, they said. But Hoskinson disagreed.

“You are completely wrong. The administration had its issues but largely ignored our industry. The Biden administration has made a concerted effort to kill cryptos,” he replied.

In a shocking move, former US President Donald Trump recently expressed his comfort with crypto. He did so at a special event in Florida for “Mugshot Edition” NFT holders.

“And if you like crypto, […] If you're pro-crypto, you better vote for Trump, he said.

Additionally, Trump has announced that his campaign will accept cryptocurrency donations. This ad sparked interest online. However, he is awaiting more details from his campaign staff.

The crypto community welcomed Trump's endorsement. Plan B, the famous crypto analyst, expressed his opinion.

“If Trump embraces crypto and restores basic human rights […] Then he got 50% of the vote and won the election in November 2024!” PlanB wrote.

Joe Biden and Donald Trump's differences on crypto are notable. This is especially true as the US presidential election approaches.

Read more: Crypto Regulation: What are the Pros and Cons?

According to the Blockchain Association, 1 in 5 US voters see cryptocurrency as a key issue. Authorities want to focus on crypto regulations and investor protection. These cases are respectively 33% and 35% of crypto-positive respondents.