Charles Hoskinson, the founder of Cardano, has openly criticized President Joe Biden, accusing his administration of actively attempting to undermine the cryptocurrency industry in the United States. In a recent video posted to X, Hoskinson expressed concerns about the administration’s approach to crypto regulation and its impact on the sector.
Hoskinson’s Strong Allegations
Hoskinson’s remarks follow a series of actions and statements from the Biden administration that he perceives as hostile toward the crypto industry. He highlighted the White House’s recent opposition to a legislative effort that aimed to overturn SEC guidelines discouraging banks from holding cryptocurrencies. According to Hoskinson, these actions make it “unambiguously clear” that the administration wants to “destroy the American cryptocurrency industry.”
Specific Grievances Cited by Hoskinson
The Cardano founder criticized several aspects of the administration’s approach, including:
- Banking restrictions: Hoskinson claims that crypto companies face unjustified restrictions in accessing bank accounts.
- SEC’s regulatory approach: He argues that the SEC is engaging in “regulation by enforcement” rather than providing clear guidelines, which stifles innovation.
- Legislative obstruction: Hoskinson is particularly vocal about the administration’s efforts to block changes that would favor the crypto industry, including its stance on recent legislation related to the SEC’s guidelines.
Also Read: President Biden Proposes Record 44.6% Tax Rate on Capital Gains
The White House’s Defense
In defense of its position, the White House has argued that overturning the SEC’s guidelines would weaken the agency’s ability to protect investors and the financial system at large. This reflects a cautious stance towards rapidly evolving digital assets, which the administration believes require careful oversight to prevent market abuses and protect investors.
Broader Context
Hoskinson also compared the U.S. regulatory climate with more crypto-friendly jurisdictions like Switzerland, Singapore, and Dubai. He suggested that these countries have benefited significantly from welcoming crypto companies, implying that the U.S. is missing out on potential investments due to its restrictive policies.
Community Reactions
The crypto community’s response to Hoskinson’s comments has been mixed. While some support his views, pointing out the need for more progressive crypto regulations in the U.S., others have reminded him that challenges to crypto adoption and regulation are not unique to the Biden administration, noting that previous administrations also had complex relationships with the crypto industry.
