President Joe Biden is trying hard to kill crypto, Cardano co-founder says.
Cardano founder Charles Hoskinson has spoken out against US President Joe Biden, saying he is making a concerted effort to kill the crypto industry in America.
In a May 9 video posted on X, Hoskinson said it's “unequivocally clear” that the Biden administration is trying everything it can to “destroy the American cryptocurrency industry.”
In the past few years, the US government has been “damaged [the crypto] Industry as possible, citing restrictions on access to bank accounts, the Securities and Exchange Commission's enforcement policy and, more recently, the White House's “blocking” of the legislative process.
“A vote for Biden is a vote against the US cryptocurrency industry.”
Hockinson's comments followed a statement from President Biden's office, which said it would reject legislation that seeks to overturn SEC guidelines that discourage banks from holding crypto assets.
On May 8, the White House said it “strongly opposes” House members passing a joint resolution to repeal SAB 121.
The White House said repealing SAB 121 would hinder the SEC's ability to “protect investors in crypto-asset markets and protect the broader financial system.”
Additionally, Hoskinson challenged the SEC for using an antiquated rule that said it should not apply to new and emerging asset classes.
“To say that the Securities Exchange Act of 1933 is sufficient to regulate assets 90 years later is a misrepresentation.”
He cited Switzerland, Singapore, and Dubai as jurisdictions that welcome crypto companies and receive millions of dollars worth of investments, which comes from 3,000 companies that “if our crypto policy was reasonable, they would be in America.”
RELATED: President Biden says he welcomes SEC ruling against crypto regulation.
One user on Twitter pushed back on Hoskinson's Biden-specific claims, saying the former Trump administration wasn't exactly open to crypto either.
Hoskinson did not mince words in response, saying that this position is “absolutely wrong”.
” of [Trump] Management had its issues but largely ignored our industry. The Biden administration has made a concerted effort to kill crypto.
In April, Cointelegraph reported that the Biden administration had moved Congress to target the U.S. bitcoin mining industry, citing China and the U.S. to follow suit.
Magazine: What do crypto market makers do? Liquidity, or fraud
