Cardano (ADA) founder Charles Hoskinson has made scathing remarks about the Joe Biden administration’s approach to the cryptocurrency market. He noted that the Biden administration is trying to “kill” the crypto industry and that it is time for industry players to stand up for their rights.
Cardano founder Charles Hoskinson's comments on the Biden administration
In a recent broadcast on X, Hoskinson first addressed how the increased enforcement of cryptocurrencies in the United States is impacting the industry as a whole. He also explained the industry's role in the economic expansion of several countries, including Switzerland. The Cardano founder highlighted that the development of Ethereum has led to the emergence of 1,290 companies in Switzerland with a market capitalization of $380 billion.
He added that more than 3,000 companies have been established in Singapore, Abu Dhabi and Dubai combined. Hoskinson added that most of these startups could have started in the US if crypto policies were beneficial. Hoskinson then highlighted the Biden administration's decision to veto HJ Resolution 101, which seeks to repeal the SEC's Staff Accounting Bulletin (SAB) Rule 121.
He slammed the administration for making such a decision. The Cardano founder added that if crypto holders vote in favor of Biden this November, it could spell disaster for the industry. He claimed that the Biden administration is working to disrupt the cryptocurrency industry. This includes blocking bank accounts, enforcement restrictions, and lack of regulatory clarity.
Additionally, the Cardano pioneer added that the administration is currently clearly disrupting the legislative process by announcing a move to veto the anti-SAB 121 bill. Furthermore, they viewed a vote for Biden as a vote against cryptocurrencies and the U.S. crypto industry.
He added that the US cryptocurrency industry could provide hundreds or thousands of jobs. Nevertheless, its potential is being exploited by Middle Eastern countries and China. The Cardano founder blamed the outcome on the Biden administration's hostile policies. Additionally, he reaffirmed his support for pro-cryptocurrency presidential candidate Robert F. Kennedy Jr.
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Is the Biden administration trying to stamp out cryptocurrencies?
In response to this broadcast, one user commented on the Trump administration, which also did not support the cryptocurrency industry very much. A user wrote: “Charles, to be fair, the administration before Biden was also not open to cryptocurrencies (to my knowledge), and there were already a lot of legal and regulatory issues back then. ” he wrote.
Refuting this claim, the Cardano founder wrote, “You are completely wrong.” He went on to argue that while past administrations may have had problems, the crypto industry was largely ignored. Furthermore, Hoskinson asserted that “the Biden administration is making a concerted effort to kill cryptocurrencies.”
Also read: Cryptocurrency crackdown: Biden administration opposes bill challenging SEC’s SAB 121
