Biden's Warning Sparks Concerns for Crypto Market

Cardano creator and CEO of IOG, Charles Hoskinson, has accused President Joe Biden of actively working to dismantle the cryptocurrency industry in the U.S.

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This criticism comes amidst renewed attention on Bitcoin, Ethereum, XRP, ADA, Solana, and other cryptocurrencies, fueled by concerns over the Biden administration’s alleged anti-crypto stance.

Charles Hoskinson Accuses Biden Administration of Anti-Crypto Agenda

In a recent statement on X, Charles Hoskinson, the creator of Cardano and CEO of IOG, criticized President Joe Biden’s administration, alleging a deliberate attempt to undermine the cryptocurrency industry in the United States. Hoskinson pointed out various measures taken by the U.S. government over the years, including restricted access to bank accounts and the Securities and Exchange Commission’s (SEC) enforcement-driven regulatory approach. He also highlighted the White House’s recent actions, which he described as obstructing legislative efforts related to crypto regulation.

On May 8, President Biden threatened to veto resolution H.J. Res. 109, which called for the SEC to retract its anti-crypto banking policies. Despite bipartisan support with a vote of 229-193, the resolution was met with resistance from the White House. The administration argued that reversing Staff Accounting Bulletin (SAB) 121 would compromise investor protection in crypto markets and threaten financial stability. However, many in the crypto community view Biden’s stance as detrimental to industry innovation.

Hoskinson warned cryptocurrency holders against supporting Biden in the upcoming election, asserting that the administration’s intentions are clear: to dismantle the American cryptocurrency industry. He emphasized the importance of understanding the potential consequences of voting for Biden for crypto enthusiasts. Hoskinson’s remarks sparked debate within the community, with some members expressing skepticism about the previous Trump administration’s stance on crypto. However, Hoskinson and others maintained that Trump’s administration largely overlooked the industry.

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Amidst Hoskinson’s criticism, Helium Founder Amir Haleem echoed concerns about the situation, suggesting that voting for Biden would be unfavorable for crypto interests in the U.S. The exchange on X reflects the growing unease within the crypto community regarding the Biden administration’s approach to crypto regulation and its potential impact on the industry’s future in the country.

Hoskinson Criticizes SEC’s Approach to Crypto Regulation

Charles Hoskinson continued his critique of the Securities and Exchange Commission (SEC), lambasting the regulator for applying outdated laws to the rapidly evolving crypto industry. He argued that the Securities Exchange Act of 1933, enacted nearly 90 years ago, is inadequate for regulating assets that emerged much later.

Notably, even the courts have criticized the SEC for its “arbitrary and capricious” actions regarding cryptocurrencies. Hoskinson highlighted the SEC’s enforcement-centric approach, which, according to him, has led to significant job losses and hindered the growth of a trillion-dollar industry.

While the SEC has taken legal action against major crypto platforms like Coinbase, Ripple, Kraken, and Binance, Hoskinson and other crypto enthusiasts advocate for a clear set of regulations tailored to the crypto space. They argue that federal agencies and lawmakers should focus on creating transparent rules rather than relying on outdated legislation.

Meanwhile, Bitcoin, the world’s leading cryptocurrency, was trading at $63,002 at the time of reporting, relatively unchanged since the miner rewards halving event in April. Despite recent volatility, Bitcoin has rebounded from lows of around $56,750.

Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

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