Cardano Founder Says Biden’s Actions Targets Crypto Industry

“A vote for Biden is a vote against the American crypto industry,” Charles Hoskinson said where he criticized the White House’s continued mistreatment of crypto in the country

Charles Hoskinson, the founder of Cardano, has accused Joe Biden of orchestrating a suicide plot against the cryptocurrency industry in the United States. 

Hoskinson stated in a video published to X on May 9 that the Biden administration’s intention to “destroy the American cryptocurrency industry” is “unambiguously clear.” 

He stated that the U.S. government had “harmed [the cryptocurrency] industry in every way possible” in recent years, citing restricted access to bank accounts, the Securities and Exchange Commission’s enforcement-based regulation policy, and most recently, the White House’s “obstruction” of the legislative process. 

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

Hoksinson’s remarks followed a statement from the office of President Biden indicating that he would veto legislation seeking to overturn SEC regulations discouraging banks from holding crypto assets in custody. 

The White House issued the statement “strongly opposes” members of the House of Representatives, who subsequently enacted a joint resolution to repeal SAB 121 on May 8. 

SAB 121’s nullification, according to the White House, would impede the SEC’s capacity to “protect investors in crypto-asset markets and ensure the integrity of the financial system as a whole.” 

Hoskinson further criticized the SEC for employing obsolete legislation that, in his opinion, should not be applied to emergent and novel 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.”

The individual mentioned Switzerland, Singapore, and Dubai as jurisdictions that are receptive to cryptocurrency companies. These locations have received substantial investments totalling millions of dollars from the 3,000 firms that “likely would have been domiciled in the United States had our crypto policy been reasonable.”

A Twitter user refuted Hoskinson’s claims about Biden by stating that the previous Trump administration was not particularly receptive to cryptocurrencies.

Hoskinson responded bluntly, stating that this position was “completely incorrect.”

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