Cardano Founder Accuses Biden Administration of Hampering US Cryptocurrency Sector
Summary:
Charles Hoskinson, the founder of Cardano, sharply criticizes US President Joe Biden's administration, accusing it of deliberately undermining the American cryptocurrency industry. He asserts the administration is obstructing the legislative process, following the president's resistance to overturn SEC guidelines that discourage banks from managing crypto assets. Hoskinson also denounces the use of outdated laws for regulating emerging asset types like cryptocurrencies and cites the success of nations like Switzerland, Singapore, and Dubai which have embraced crypto companies.
Charles Hoskinson, founder of Cardano, heavily criticised US President Joe Biden, alleging that his administration is intentionally undermining the cryptocurrency sector in the United States. In a video from May 9, Hoskinson starkly asserted that the Biden administration is actively trying to eliminate the US cryptocurrency market. He highlighted that over the last few years, the government had stymied the industry in various ways, including restricted banking accessibility, regulation through action by the Securities and Exchange Commission and recently, direct interference with legislative proceedings. He concluded that endorsing Biden is akin to opposing the US cryptocurrency arena.
These remarks followed an announcement from Biden's office indicating he would reject any proposed law aimed at reversing SEC guidelines that discourage banks from handling Crypto assets. On May 8, the White House released a statement expressing their strong resistance to a passed joint resolution by the House of Representatives to quash SAB 121. The White House argued that annulling SAB 121 could challenge the SEC's ability to safeguard crypto investors and ensure the stability of the larger financial system.
Moreover, Hoskinson condemned the SEC for invoking outdated laws he believes aren't applicable to innovative, emerging asset types. He deemed it ridiculous to use the Securities Exchange Act of 1933 to control assets that emerged nearly 90 years later. He pointed to Switzerland, Singapore, and Dubai as places that have embraced cryptocurrency firms, resulting in millions of dollars in investments and the establishment of roughly 3,000 companies, which he suggested would have chosen the US as their domicile, only if the nation's cryptocurrency policies were logical.
Despite a tweet objecting to Hoskinson’s criticisms of Biden and stating that Trump's administration was not favorably inclined to cryptocurrency either, Hoskinson firmly refuted these claims, categorically stating that Biden's administration is methodically targeting cryptocurrency, whereas Trump’s was largely indifferent to the industry. In contrast, Cointelegraph noted in April that the Biden Administration had sought Congress's assistance in regulating the American Bitcoin mining sector, referring to China's handling of the matter as a potential model to follow.
Published At
5/10/2024 8:39:26 AM
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