A fight over a non-binding resolution passed by the US House of Representatives has erupted into a broader battle that pits the crypto industry and the Biden administration against each other.
“The Biden Administration is committed to a concerted effort to stamp out cryptocurrencies.” I have written This is Charles Hoskinson, the creator of Cardano, on Twitter.
Yesterday, the White House announced to the US President that Joe Biden will veto the H.J. Res. resolution. No. 109 requested that the Securities and Exchange Commission (SEC) rescind its staff bulletin on digital asset custody accounting. The resolution won on a bipartisan vote of 229 to 193, declaring that the SEC's position is hindering U.S. innovation in the digital asset space.
Mr Hoskinson declared the move was just the latest in what he called “Operation Chokepoint 2.0”.
“If you vote for Joe Biden as a crypto holder this November, please understand that this administration's intent is to destroy America's crypto industry,” he said. on Twitter livestream Late Wednesday. “I know. That's obvious.”
The White House argued that the resolution would harm the SEC's efforts to protect investors in the cryptocurrency market and protect the broader financial system. However, crypto enthusiasts don't see it that way, with many believing former President Donald Trump will be a better choice in the November election.
” [Trump] The government had a problem and largely ignored our industry,” Hoskinson tweeted.
“Enforcement is insensitive and continues to implement the same policies that have cost tens, if not hundreds of thousands of American jobs and destroyed a trillion-dollar industry,” Hoskinson said. We are causing losses,” he said.
“Over the years, they have harmed our industry in all sorts of ways, including restricting access to bank accounts, regulating through enforcement, violating transparency, and in some cases overturning and now obstructing decisions that have already been made. “We've confiscated it, lied about it, and repeated it. The legislative process.” “Please understand that a vote for Biden is a vote against cryptocurrencies.”
Messari founder Ryan Serkis also expressed concern about Biden's stance on cryptocurrencies.
“If Biden is re-elected, we will collect banking licenses for issuers, all tokens for being unregistered securities, all DeFi for unauthorized transfers, Bitcoin mining, layers on top of BTC, unrealized crypto It would hurt stablecoins by requiring self-hosted wallets to be profitable. ”
Rahul Sood, CEO of Iriberent Labs, also expressed disappointment, suggesting that voting for Biden has become even more difficult for people interested in cryptocurrencies in the US.
“Wow, that's it. Thanks for making it easy, Joe,” Sood tweeted.
Helium founder Amir Haleem expressed a similar opinion. “Sad situation. If you care about cryptocurrencies in the US, it's becoming increasingly impossible to vote for Biden,” he wrote on Twitter.
The document at the root of the controversy is a so-called staff accounting report (SAB), which SEC Chairman Gary Gensler has said is not controversial.
“This is basically a question of whether debt should be on the balance sheet, and what we actually find over and over again in bankruptcy courts is that certainly bankruptcy courts “The assets are saying there is no possibility of bankruptcy,” he said. “So the staff did a really good job, just as they have done for over 50 years.”
But Gensler has many vocal critics on Capitol Hill.
Republican Patrick McHenry accused him of trying to “suffocate” the crypto industry. Even courts have criticized the SEC's “arbitrary and capricious” decisions.
Cryptocurrency holders may be increasingly important as voters worthy of being courted by politicians. A recent survey by the Blockchain Association found that 90% of all crypto holders plan to vote in the next election, with the majority worried that politicians are stifling innovation through overregulation. It turned out that there was. 45% are Democrats or identify as Democratic, 43% identify as Republican, and 11% identify as independent.
Biden's rival, Donald Trump, is using this opportunity to win over the adoration of concerned cryptocurrency holders.
“The hostility towards cryptocurrencies is causing cryptocurrencies to leave the United States,” President Trump said at a special event in Florida yesterday. “Mr. Gensler is very much against it, Democrats are very much against it, but I'm all for it.”
This pro-cryptocurrency stance is in sharp contrast to his previous statements when he was president of the United States. “I'm not a fan of Bitcoin or other cryptocurrencies. They are not money and their value is highly volatile and based on thin air,” President Trump wrote on Twitter in 2019.
