Cardano founder Charles Hoskinson has accused President Joe Biden's administration of deliberately trying to stifle the growth of the U.S. crypto industry, and has urged crypto holders to take advantage of elections scheduled for later this year. urged them to reconsider their vote.
His accusations come after President Joe Biden announced he would veto a bipartisan resolution that has been controversial within the crypto community.
“The Biden Administration is committed to a concerted effort to eliminate cryptocurrencies,” Hoskinson said in a Twitter livestream. He dubbed the government's regulatory action “Operation Chokepoint 2.0,” hinting at a coordinated effort to block the industry's access to critical financial services.
Resolution, H.J. Res. Section 109, passed by the U.S. House of Representatives by a vote of 229-193, requires the Securities and Exchange Commission (SEC) to rescind its staff bulletin on digital asset custody accounting. Cryptocurrency advocates argue that the SEC's guidelines are overly restrictive and stifle innovation.
Despite bipartisan support for the resolution, the White House has threatened to veto it even if it passes, saying SEC rules are critical to protecting investors and maintaining financial system stability. Announced.
But Hoskinson and other industry leaders view the administration's stance as hostile to the burgeoning crypto sector.
Mr Hoskinson said:
“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.”
His comments highlight the deep gulf between crypto enthusiasts and the current government's approach to regulating digital assets.
As the debate over crypto regulation intensifies, former President Donald Trump has seized the opportunity to appeal to the crypto community, contrasting his own pro-crypto stance with Biden's regulatory measures.
Political dynamics suggest that crypto regulation will be a key issue in the next presidential election, reflecting its growing importance as a new frontier for innovation and economic competition in the United States.
