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Bitcoin:
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BTC Dominance:
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Market Cap:
$2.41 T

Biden Administration Draws Criticism from Cardano Founder

Charles Hoskinson

In a blistering critique of the Biden administration, Cardano founder Charles Hoskinson has claimed that President Joe Biden is in action to sabotage the American cryptocurrency industry. Hoskinson’s statements in the May 9 video suggest his criticism of systematic attempts to stifle crypto innovations in the United States.

Hoskinson did not mince words, saying, “A vote for Biden is a vote against the American cryptocurrency industry.” He lambasted the government over its treatment of crypto regulation, listing a series of moves that he believes have stymied industry development.

Challenges Faced by the Crypto Industry

The Securities and Exchange Commission (SEC) described the Cardano founder as overly aggressive in regulation, emphasizing the government’s restrictive regulations, particularly when it comes to accessing banking services. Recently, he also brought attention to several actions taken by the White House, blaming it for blocking the efforts of the legislature to support the crypto sector.

President Biden’s stance against the legislation, which proposed to overturn the SEC rules put in place to discourage banks from working with crypto assets, was a particular sore point for Hoskinson. The White House issued a statement saying that such actions are highly unwelcome and vital to protecting investors and the wider financial system.

Hoskinson also targeted the SEC, but only with his disapproval of the regulator’s use of ancient laws to control the new asset classes, such as cryptocurrencies. He compared the approach in the United States to that of countries such as Switzerland, Singapore, and Dubai, all of which have embraced crypto innovation and have received large investments.

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