Bitcoin
Charles Hoskinson Says Biden Wants to Kill Crypto
Cardano (ADA) founder Charles Hoskinson has issued a scathing comment against the Joe Biden administration’s approach towards the crypto market. He noted that the Biden administration is trying to “kill” the crypto industry and it is time for industry stakeholders to stand up for their rights.
Comment from Cardano founder Charles Hoskinson against the Biden administration
In a recent broadcast on X, Hoskinson began by mentioning how the increasing crackdown on crypto in the US has affected the entire industry. Furthermore, he explained the role of industry in expanding the economy of several countries, including Switzerland. O Cardano The founder highlighted that the development of Ethereum led to the emergence of 1,290 companies in Switzerland with a market value of US$380 billion.
Furthermore, he noted that combining Singapore, Abu Dhabi and Dubai, more than 3,000 companies have been established. Hoskinson added that most of these startups could have been started in the US if crypto policies were rewarding. Hoskinson later highlighted the Biden administration’s decision to veto HJ Resolution 101 seeking the repeal of SEC Staff Accounting Bulletin (SAB) Rules 121.
He strongly criticized the administration for such a decision. The Cardano founder added that if cryptocurrency holders vote in favor of Biden in November, it could spell doom for the industry. He stated that the Biden administration has been making efforts to destroy the crypto industry. This includes blocking of bank accounts, regulation through law enforcement and a lack of regulatory clarity.
Furthermore, the Cardano pioneer added that the administration is now clearly obstructing the legislative process by announcing its decision to veto the anti-SAB 121 account. Furthermore, he considered voting for Biden as a vote against cryptocurrencies and the American crypto industry.
He added that the American crypto industry is capable of offering hundreds and thousands of jobs. However, the potential is harnessed by Middle Eastern countries and China. The Cardano founder blamed the Biden administration’s hostile policies for this outcome. Additionally, he reaffirmed support for Robert F. Kennedy Jr, a pro-crypto presidential candidate.
Read too: Breaking: US House Approves Vote to Overturn SEC Crypto Accounting Rule
Is the Biden Administration Trying to Kill Crypto?
Responding to the broadcast, a user commented on the Trump administration, which was also not very supportive of the crypto industry. The user wrote: “To be fair Charles, the administration you guys had before Biden wasn’t exactly open to cryptocurrencies either (that I know of) and there were already a lot of issues related to legislation and regulation at that time.”
Refuting the statement, the Cardano Founder wrote: “You are completely wrong.” He went on to argue that while previous administrations may have had their problems, they mostly ignored the crypto industry. Furthermore, Hoskinson stated: “The Biden administration has engaged in a coordinated effort to phase out encryption.”
Read too: Crypto Crackdown: Biden Admin Opposes Bill Challenging SEC SAB 121