FameEX Hot Topics | Cardano Founder Accuses President Joe Biden of Attempting to 'Kill Crypto'

Charles Hoskinson, the founder of Cardano, has voiced significant criticism towards U.S. President Joe Biden, alleging that his administration is deliberately sabotaging the cryptocurrency industry in the United States. In a pointed video released on May 9 on the social platform X, Hoskinson outlined his concerns, claiming that the administration's policies are intentionally designed to stifle the growth of the American cryptocurrency sector.

Hoskinson argued that under Biden’s presidency, the government has implemented a series of barriers that are detrimental to the cryptocurrency industry, including restricted access to banking services and a strategy of "regulation by enforcement" led by the Securities and Exchange Commission (SEC). Additionally, he pointed to recent actions by the White House which, he claimed, directly interfere with legislative efforts related to the custody of crypto assets by banks.

This ongoing issue intensified after a White House announcement on May 8, in which it was stated that President Biden would veto any legislation that attempted to reverse SEC guidelines discouraging banks from holding crypto assets. The administration justified its position by suggesting that rescinding these guidelines would weaken the SEC’s ability to protect crypto asset investors and safeguard the overall financial system.

In his critique, Hoskinson highlighted the reliance of the SEC on the Securities Exchange Act of 1933, which he believes is inadequate for regulating modern asset classes that have developed decades after the law was enacted. He pointed out that other jurisdictions such as Switzerland, Singapore, and Dubai offer more welcoming regulatory environments, which have successfully attracted substantial investments from crypto companies. Hoskinson suggested that similar favorable conditions in the U.S. could have made it a prime destination for thousands of these firms.

The discussion about the federal approach to cryptocurrency is not limited to the Biden administration. When a Twitter user remarked that the Trump administration was also not supportive of the crypto industry, Hoskinson vehemently disagreed, stating that although the Trump era had its shortcomings, it largely ignored the crypto industry, whereas the Biden administration is actively hostile. Hoskinson's statements echo a wider sentiment in the cryptocurrency community regarding the federal government's regulatory strategies. He believes that the Biden administration’s approach is not just unhelpful but is a targeted dismantling of the cryptocurrency sector, which he views as harmful to both technological innovation and the financial progress of the nation.

Overall, Hoskinson’s criticisms underline a deep-seated frustration with current U.S. policies on cryptocurrencies, as stakeholders from the crypto community call for more supportive and constructive regulatory frameworks that could foster rather than hinder industry growth.

Disclaimer: The information provided in this section is for informational purposes only, doesn't represent any investment advice or FameEX's official view.