Charles Hoskinson, the founder of Cardano, has launched a scathing attack on U.S. President Joe Biden, accusing him of actively working to dismantle the U.S. cryptocurrency sector. In a video posted on May 9, Hoskinson criticized the U.S. government for its policies that have negatively impacted the cryptocurrency industry, including restrictions on bank account access and regulatory measures enforced by the U.S. Securities and Exchange Commission (SEC). Hoskinson went as far as to claim that supporting Biden equates to opposing the U.S. cryptocurrency industry.
Hoskinson's remarks were prompted by a statement from the White House indicating Biden's intention to veto legislation aimed at reversing U.S. Securities and Exchange Commission guidance preventing banks from custodying crypto assets. The White House expressed strong opposition to the House's passage of a joint resolution to overturn SAB 121, arguing that such a move would impede the SEC's ability to protect investors and the financial system.
The Cardano founder also criticized the SEC for leveraging outdated legislation, such as the Securities Exchange Act of 1933, to regulate emerging asset classes like cryptocurrencies. Hoskinson highlighted other jurisdictions like Switzerland, Singapore, and Dubai, which have embraced crypto companies and attracted significant investments, contrasting their approach with what he perceives as obstructive policies in the U.S.
Responding to a Twitter user's assertion that the Trump administration was similarly unfriendly towards cryptocurrencies, Hoskinson vehemently disagreed. He argued that while the Trump administration may have had its issues, it largely overlooked the cryptocurrency industry, whereas the Biden administration has actively sought to suppress it. Hoskinson's remarks reflect his belief in a coordinated effort by the Biden administration against cryptocurrencies.
In April, reports emerged that the Biden administration had urged Congress to target the U.S. Bitcoin mining industry, citing China as a model for the United States to emulate. This move further fueled concerns within the cryptocurrency community about the government's stance towards the industry under Biden's leadership.
