Charles Hoskinson, the founder of Cardano (CRYPTO: ADA), has accused President Joe Biden of actively working to stifle the Bitcoin (CRYPTO: BTC) and cryptocurrency industry in the United States.
What Happened: Hoskinson, in a video posted on social media platform X on Thursday, criticized the Biden administration for its alleged efforts to “destroy the American cryptocurrency industry,” reported Cointelegraph.
The Cardano founder pointed out that the U.S. government has been detrimental to the crypto industry through various means, including restricted access to bank accounts and the Securities and Exchange Commission’s policy of regulation by enforcement. He also criticized the White House for obstructing the legislative process.
"A vote for Biden is a vote against the American cryptocurrency industry," Hoskinson said.
Hoskinson’s comments were in response to a statement from the White House, indicating that President Biden would veto legislation aimed at overturning SEC guidelines that discourage banks from holding crypto assets.
"The [Trump] administration had its issues but mostly ignored our industry. The Biden administration has engaged in a coordinated effort to kill crypto," Hoskinson said.
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He also criticized the SEC for using outdated legislation that he believes should not apply to new and emerging asset classes. Hoskinson cited other countries such as Switzerland, Singapore, and Dubai, which have welcomed crypto companies and reaped the benefits of substantial investments.
Notably, Hoskinson’s comments were challenged by a Twitter user who pointed out that the Trump administration had also been unsupportive of crypto. Hoskinson, however, stood by his claims, asserting that the Biden administration’s stance was “completely wrong.”
Why It Matters: The Biden administration’s approach to cryptocurrency has been a subject of debate and scrutiny. The House of Representatives recently voted in favor of a resolution seeking to overturn a controversial SEC cryptocurrency accounting directive, indicating a growing divide between legislative preferences and executive defense of regulatory measures.
Earlier in March, a poll revealed that former President Donald Trump was the top choice for U.S. voters who own cryptocurrencies. This indicates a potential shift in voter sentiment towards the Biden administration’s handling of the crypto industry.
On the other hand, Trump has recently publicly endorsed cryptocurrency, positioning it as a significant election issue, which contrasts with President Biden’s perceived unfamiliarity with the crypto world.
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