Cardano creator and IOG CEO Charles Hoskinson has criticized President Joe Biden, claiming that he’s making a concerted effort to kill the cryptocurrency industry in the United States.

Biden Regime Is Waging A Deadly War On Crypto, Charles Hoskinson Claims

Bitcoin (BTC), Ether (ETH), Ripple’s XRP, Cardano’s ADA, Solana (SOL), and other cryptocurrencies have exploded back into the limelight amid fears the Biden administration is out to kill crypto.

“The Biden administration has engaged in a coordinated effort to kill crypto,” wrote Charles Hoskinson on X.

Hoskinson noted that over the past few years, the U.S. government had “hurt the crypto industry in every way possible,” mentioning the limited access to bank accounts, the Securities and Exchange Commission’s (SEC) policy of regulation by enforcement, and most recently, the White House “obstructing” the legislative process.

In a statement on May 8, Pres. Biden vowed to veto resolution H.J. Res. 109, which demanded that the Securities and Exchange Commission (SEC) roll back its anti-crypto banking policies. Notably, the resolution passed with a bipartisan vote of 229-193, declaring that the SEC’s arguments were hampering innovation in the crypto asset space.

The White House claimed nullifying Staff Accounting Bulletin (SAB) 121 would hinder the SEC’s ability to “protect investors in crypto-asset markets and to safeguard the broader financial system.” However, crypto pundits don’t see it that way, with many believing that Biden’s political rival, Donald Trump, will be the more suitable option in November’s election.

“This November, if you vote for Joe Biden as a cryptocurrency holder, please understand that the intent of this administration is to destroy the American cryptocurrency industry,” Hoskinson posited, “Understand that. It’s unambiguously clear.”

One member of the crypto community on X rebuffed the Cardano creator’s claims against Biden, observing that the previous Trump regime wasn’t exactly open to cryptocurrencies either. Hoskinson quickly responded, saying this view was “completely wrong”.

“The [Trump] administration had its issues but mostly ignored our industry,” Hoskinson added.

Helium Founder Amir Haleem echoed Hoskinson’s opinion. “Sad state of affairs,” he postulated in an X post. “If you care about crypto in the US, voting for Biden is now even more impossible.”

Hoskinson Calls Out SEC

Hoskinson further slammed the SEC for using old laws that shouldn’t apply to the rapidly evolving crypto industry.

“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.”

It’s worth mentioning that even the courts have blasted the SEC over its “arbitrary and capricious” actions. The regulator has been in an “enforcement-only mode” regarding cryptocurrencies, highlighting the grueling fight the sector faces against a litigious agency.

“The enforcement is tone-deaf and continues to carry on the same policy, which has cost tens of thousands if not hundreds of thousands of American jobs as well as the loss of a trillion-dollar industry,” Hoskinson opined.

The SEC has sued Coinbase, Ripple, Kraken, Binance, and others for allegedly giving illegal and unlicensed investments to U.S. investors. However, crypto enthusiasts believe federal agencies and lawmakers should create a clear set of rules to regulate the crypto space rather than rely on novel interpretations of decades-old legislation.

At press time, the world’s leading cryptocurrency by market cap, Bitcoin, was changing hands at $63,002, largely unchanged since the April miner rewards halving event. The BTC price, however, has recently rebounded from lows of around $56,750.

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Filed under: Bitcoin - @ May 10, 2024 11:20 am