Cardano Founder Accuses Biden of Dismantling Crypto

Cardano founder Charles Hoskinson has launched a scathing attack on United States President Joe Biden, accusing him of actively working to dismantle the crypto industry in the country.

In a video posted on May 9, Hoskinson expressed his belief that the Biden administration is deliberately aiming to “destroy the American cryptocurrency industry.” 

Cardano Founder Criticizes Biden

The Cardano founder criticized the government’s actions over recent years, highlighting issues such as restricted access to bank accounts and the Securities and Exchange Commission’s (SEC) policy of regulating through enforcement. 

According to Hoskinson, the recent obstruction of legislative processes by the White House is another blow to the industry.

Biden’s Support for SEC’s Outdated Legislation

The Cardano founder’s comments followed a statement from President Biden’s office, indicating that he would veto legislation seeking to overturn SEC guidelines discouraging banks from holding crypto assets in custody. 

On May 8, the White House expressed strong opposition to members of the House of Representatives who passed a resolution aiming to overturn SAB 121, stating that it could impede the SEC’s ability to protect investors and the financial system.

The Cardano founder also criticized the SEC for relying on outdated legislation to regulate new and emerging asset classes, calling it an “absurd” approach. He contrasted the U.S. stance with countries like Switzerland, Singapore, and Dubai, which have welcomed crypto companies and attracted significant investments.

Cardano Founder Shares Views on Trump

Responding to a Twitter user’s argument that the Trump administration wasn’t crypto-friendly either, Hoskinson disagreed, asserting that the previous administration mostly ignored the industry, while the Biden administration actively seeks to suppress it.

In April, it was reported that the Biden administration urged Congress to focus on the American Bitcoin mining industry, using China as an example to follow.

Industry-Wide Concerns

The Cardano founder’s criticism reflects growing concerns within the crypto community about the U.S. government’s approach to the industry. Many believe that a more favorable regulatory environment is essential for the continued growth and innovation of cryptocurrencies in the country.

As tensions between the crypto industry and government regulations escalate, the future of crypto in the U.S. remains uncertain. Hoskinson’s remarks underscore the urgency for constructive dialogue and balanced regulation to ensure that the U.S. remains competitive in the rapidly evolving digital asset space.