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Tuesday, October 8, 2024

Cardano Founder: Biden’s Efforts to ‘Kill Crypto

Cardano founder Charles Hoskinson has lashed out at United States President Joe Biden, claiming that he’s making a concerted effort to kill the crypto industry in the United States.

In a May 9 video posted to X, Hoskinson said it was “unambiguously clear” the Biden administration is trying its best to “destroy the American cryptocurrency industry.”

He said that over the past few years, the U.S. government had “hurt [the crypto] industry in every way possible,” citing the restricted access to bank accounts, the Securities and Exchange Commission’s policy of regulation by enforcement — and most recently — the White House “obstructing” the legislative process.

“A vote for Biden is a vote against the American cryptocurrency industry.”

Hoksinson’s comments came following a statement from President Biden’s office, which said he would veto legislation looking to overturn SEC guidelines that discourage banks from custodying crypto assets.

On May 8, the White House said it “strongly opposes” members of the House of Representatives that later passed a joint resolution to overturn SAB 121.

The White House claimed nullifying SAB 121 would hinder the SEC’s ability to “protect investors in crypto-asset markets and to safeguard the broader financial system.”

Additionally, Hoskinson lashed out at the SEC for leveraging antiquated legislation that he said shouldn’t apply to new and emerging asset classes.

“The Securities Exchange Act passed in 1933, to say that it is sufficient to regulate assets that came 90 years later is an absurd statement.”

He cited Switzerland, Singapore, and Dubai as jurisdictions that welcome crypto companies and have reaped the benefits of millions of dollars worth of investments, stemming from the 3,000 firms that “probably would have domiciled in the United States had our crypto policy been reasonable.”

A user on Twitter pushed back on Hoskinson’s Biden-specific claims, saying that the previous Trump Administration hadn’t exactly been open to crypto either.

Hoskinson didn’t mince words in response, saying this stance was “completely wrong.”

“The [Trump] administration had its issues but mostly ignored our industry. The Biden administration has engaged in a coordinated effort to kill crypto.”

In April, Cointelegraph reported that the Biden Administration asked Congress to target the American Bitcoin mining industry, citing China as an example for the U.S. to follow.

Lillian Hocker
Lillian Hocker
Lillian Hocker is a seasoned technology journalist and analyst, specializing in the intersection of innovation, entrepreneurship, and digital culture. With over a decade of experience, Lillian has contributed insightful articles to leading tech publications. Her work dives deep into emerging technologies, startup ecosystems, and the impact of digital transformation on industries worldwide. Prior to her career in journalism, she worked as a software engineer at a Silicon Valley startup, giving her firsthand experience of the tech industry's rapid evolution.

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