Key Takeaways:
- Charles Hoskinson Criticizes Biden: Charles Hoskinson, the founder of Cardano, has accused President Joe Biden of deliberately sabotaging the cryptocurrency industry in the U.S., pointing to actions like limiting banking access for crypto businesses and aggressive SEC regulations.
- Regulatory Concerns Highlighted: Hoskinson calls out the SEC for using outdated laws, specifically the Securities Exchange Act of 1933, to regulate modern cryptocurrencies, which he argues is inappropriate for the evolving financial landscape.
- Global Crypto Dynamics: He contrasts the U.S.’s stringent regulatory environment with more crypto-friendly nations like Switzerland, Singapore, and Dubai, suggesting that the U.S. is losing potential investments to these countries due to its harsh policies.
Charles Hoskinson, founder of Cardano, has expressed strong criticism towards President Joe Biden, accusing him of actively working to dismantle the cryptocurrency industry in the United States.
In a video released on May 9, Hoskinson voiced his concerns, claiming the Biden administration’s actions were deliberately aimed at crippling the sector.
Biden and Crypto https://t.co/P06encxBEv
— Charles Hoskinson (@IOHK_Charles) May 8, 2024
Hoskinson highlighted multiple actions by the U.S. government that, in his view, have negatively impacted the cryptocurrency industry.
These include limited access to banking services for crypto-related businesses, regulatory practices by the Securities and Exchange Commission (SEC) that he described as “regulation by enforcement,” and recent attempts by the White House to block legislative efforts supporting the industry.
In his video, Hoskinson made a pointed statement: “A vote for Biden is a vote against the American cryptocurrency industry.“
This comment followed a rebuttal from the White House to a House of Representatives resolution that sought to counteract SEC guidelines discouraging banks from holding cryptocurrencies.
The White House stated it would veto any legislation undermining these guidelines, arguing such actions would compromise the SEC’s ability to protect investors and the broader financial system.
Hoskinson also criticized the SEC for relying on outdated legislation, such as the Securities Exchange Act of 1933, to govern modern crypto assets, suggesting this approach is inadequate for today’s evolving financial landscape.
Donald Trump Hypes Crypto as Joe Biden "Kills" Crypto
— Blockhead (@blockhead_co) May 10, 2024
"If you're in favor of crypto, you'd better vote for Trump," says Trump, while Cardano founder Charles Hoskinson calls Biden's approach to crypto "Operation Chokepoint 2.0."
Read more: https://t.co/epBLMo0Ksd
He pointed to countries like Switzerland, Singapore, and Dubai, which have become attractive destinations for crypto companies due to more accommodating regulatory frameworks.
According to Hoskinson, these nations are benefiting from investments that might have gone to the U.S. if it had adopted more favorable crypto policies.
The Cardano founder’s remarks also referenced broader discontent with U.S. crypto policies, contrasting them with the more hands-off approach taken by the previous administration under President Donald Trump.
You're completely wrong. The administration had its issues but mostly ignored our industry. The Biden administration has engaged in a coordinated effort to kill crypto.
— Charles Hoskinson (@IOHK_Charles) May 9, 2024
Despite acknowledging issues during Trump’s tenure, Hoskinson argued that the current administration’s efforts represent a more direct threat to the industry’s survival in the U.S.
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