The founder of Cardano, Charles Hoskinson, has charged that President Joe Biden is deliberately trying to undermine the Bitcoin and cryptocurrency market in the US.
According to the report, Hoskinson attacked the Biden administration in a video that was uploaded on the social media site X on Thursday, accusing it of attempting to “destroy the American cryptocurrency industry.”
The founder of Cardano made the point that the US government has harmed the cryptocurrency sector in a number of ways, such as by limiting access to bank accounts and by enforcing regulations through the Securities and Exchange Commission. Additionally, he attacked the White House for impeding the legislative process.
“A vote for Biden is a vote against the American cryptocurrency industry,” Hoskinson stated.
Hoskinson made his remarks in reaction to a White House statement that said President Biden would veto legislation meant to overrule SEC regulations discouraging banks from retaining cryptocurrency holdings.
Despite certain problems, the [Trump] administration largely disregarded our sector. According to Hoskinson, the Biden administration is making a concerted attempt to destroy cryptocurrency.
Additionally, he attacked the SEC for applying antiquated rules that, in his opinion, do not belong to newly developed asset classes. According to Hoskinson, there are other nations like Dubai, Singapore, and Switzerland that have welcomed cryptocurrency businesses and profited from significant investments.
Interestingly, a Twitter user refuted Hoskinson’s remarks by pointing out that the Trump administration had also been against cryptocurrencies. But Hoskinson stuck to his guns, saying the Biden administration was “completely wrong” in its position.
The Biden administration’s stance on cryptocurrencies has been discussed and closely examined. There is a growing gap between legislative preferences and executive support for regulatory initiatives, as evidenced by the House of Representatives’ recent vote in favor of a resolution aiming to repeal a contentious SEC crypto accounting rule.
According to a survey conducted earlier in March, Americans who own cryptocurrency most strongly prefer former President Donald Trump. This suggests a possible change in voters’ opinions regarding the way the Biden administration has handled the cryptocurrency sector.
On the other hand, Trump has recently officially backed cryptocurrencies, portraying it as a key election issue, in contrast to President Biden’s perceived lack of familiarity with the crypto sector.
