Usman Salis
Cardano founder Charles Hoskinson accuses President Biden of actively undermining the American cryptocurrency industry, citing recent legislative and regulatory actions.
Biden Administration Under Fire
Cardano founder Charles Hoskinson has launched a scathing attack on the Biden administration, accusing it of deliberately targeting the American cryptocurrency industry. Hoskinson asserts that recent actions by the White House and regulatory bodies are a concerted effort to stifle crypto innovation and growth within the United States.
President Biden's office has faced criticism for its stance on crypto-related legislation. A recent statement indicated Biden's intention to veto measures aimed at overturning SEC guidelines discouraging banks from holding crypto assets. This move has been interpreted as a significant setback for crypto advocates, signaling a lack of support from the current administration.
SEC Scrutiny and Antiquated Legislation
Hoskinson also takes aim at the Securities and Exchange Commission (SEC), condemning its use of outdated legislation to regulate emerging asset classes like cryptocurrency. He argues that laws from the 1930s are ill-suited to govern assets that have only emerged in recent decades, stifling innovation and driving potential investment away from the United States.
Drawing comparisons with crypto-friendly jurisdictions like Switzerland, Singapore, and Dubai, Hoskinson highlights the potential economic consequences of the U.S.'s hostile stance towards the industry. He points to millions of dollars in investments that could have flowed into the American economy if regulatory policies were more conducive to crypto innovation.
Response to Criticism
In response to criticism suggesting that the Trump administration was no friendlier to crypto, Hoskinson vehemently defends his position. He argues that while the previous administration may have had its shortcomings, the Biden administration's actions represent a coordinated effort to "kill crypto," rather than mere neglect or indifference.
The Biden administration's scrutiny of the American Bitcoin mining industry further underscores its cautious approach to crypto regulation. Reports indicate that Congress has been urged to focus on this sector, citing China's example as a model for the U.S. to follow. This move signals a broader effort to exert control over crypto-related activities within the country.
Conclusion
As tensions between the cryptocurrency industry and the Biden administration escalate, stakeholders are closely monitoring developments that could shape the future of crypto regulation in the United States. Hoskinson's vocal criticism highlights growing concerns within the industry regarding the government's approach and its potential impact on innovation and investment.
Usman Salis
