Cardano developer and IOG CEO Charles Hoskinson claims that President Joe Biden is making a concerted effort to kill the U.S. crypto industry, claiming that President Joe Biden criticized the president.
Charles Hoskinson claims the Biden administration is waging a deadly war on cryptocurrencies
Bitcoin (BTC), Ether (ETH), Ripple's XRP, Cardano's ADA, Solana (SOL), and other cryptocurrencies are on the rise amid concerns that the Biden administration is trying to kill off cryptocurrencies. It is explosively back in the spotlight.
“The Biden Administration is committed to a concerted effort to stamp out cryptocurrencies.” I have written Charles Hoskinson of X.
Hoskinson noted that over the past few years, the U.S. government has “damaged the crypto industry in a variety of ways,” including restricting access to bank accounts, regulatory policies enforced by the Securities and Exchange Commission (SEC), and Recently he said: The White House is “obstructing” the legislative process.
In a May 8 statement, the President vowed that Mr. Biden would veto the H.J. Res. resolution. Issue 109 called on the Securities and Exchange Commission (SEC) to rescind its anti-cryptocurrency banking policies. Notably, the resolution passed with a bipartisan vote of 229-193, declaring that the SEC's claims are hindering innovation in the crypto asset space.
The White House argued that repealing Staff Accounting Bulletin (SAB) 121 would impede the SEC's ability to “protect investors in the crypto asset markets and protect the broader financial system.” However, crypto experts don't think so, with many believing that Biden's political opponent, Donald Trump, would be a better choice in the November election.
“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,” Hoskinson asserted. That's obvious. ”
One of the members of the crypto community at X rejected The Cardano creator made the case against Biden, observing that the previous Trump administration was also not at all open to cryptocurrencies.Hoskinson immediately answeredthis view is “That's completely wrong.”
” [Trump] The government had a problem and largely ignored our industry,” Hoskinson added.
Helium founder Amir Haleem echoed Hoskinson's sentiments. “It's a sad situation,” he said. is assumed At the X post. “If you care about cryptocurrencies in the U.S., it’s now even more impossible to vote for Biden.”
Hoskinson criticizes SEC
Hoskinson also accused the SEC of using outdated laws that should not apply to the rapidly evolving crypto industry.
“The Securities Exchange Act was enacted in 1933, and to say that it is enough to regulate assets enacted 90 years later is an absurd statement.”
It is worth mentioning that the court has also condemned the SEC's “arbitrary and capricious” actions. Regulators are in “enforcement-only mode” with regard to cryptocurrencies, highlighting the tough battle the industry faces with litigators.
“Enforcement is insensitive and continues the same policies that have cost tens, if not hundreds of thousands, of American jobs and cost a trillion-dollar industry,” Hoskinson said. he said.
The SEC has accused Coinbase, Ripple, Kraken, Binance and others of offering illegal and unauthorized investments to U.S. investors. But crypto enthusiasts believe federal agencies and lawmakers should create clear rules to regulate the cryptocurrency space, rather than relying on novel interpretations of decades-old laws. .
At the time of writing, Bitcoin, the world's leading cryptocurrency by market capitalization, was trading at $63,002, little changed since the miner reward halving event in April. However, BTC price has recently recovered from lows around $56,750.
