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Cryptocurrency News Articles
Cardano Founder Slams Biden Administration for Alleged Crypto Industry Crackdown
May 10, 2024 at 01:41 pm
Cardano founder Charles Hoskinson accuses US President Joe Biden of actively trying to eliminate the domestic crypto sector. Hoskinson criticized the Biden administration's restrictions on bank accounts, the SEC's enforcement tactics, and the White House's opposition to legislation that would ease banking restrictions on crypto assets. He believes that the SEC's outdated regulations are unsuitable for regulating new asset classes like crypto and that countries like Switzerland, Singapore, and Dubai have benefited financially by welcoming crypto businesses.
Cardano Founder Accuses Biden Administration of Conspiring to Decimate US Crypto Industry
In a scathing video address, Cardano founder Charles Hoskinson has unleashed a tirade against the Biden administration, alleging a concerted effort to obliterate the cryptocurrency industry in the United States.
"It is unambiguously clear that the Biden administration is doing everything in its power to destroy the American cryptocurrency industry," Hoskinson asserted in a May 9 video uploaded to YouTube channel X.
Hoskinson's condemnation stems from the Biden administration's opposition to legislation aimed at overturning Securities and Exchange Commission (SEC) guidelines that discourage banks from safeguarding crypto assets. The White House has vehemently denounced the proposal, claiming that nullifying these guidelines would undermine the SEC's ability to protect investors and maintain financial stability.
Hoskinson vehemently disagrees, arguing that the SEC's antiquated regulations are ill-suited to govern modern asset classes like cryptocurrencies. "The Securities Exchange Act was enacted in 1933," he said. "To claim that it is sufficient to regulate assets that emerged 90 years later is absurd."
He pointed to Switzerland, Singapore, and Dubai as examples of jurisdictions that have embraced crypto companies and reaped the benefits of substantial investments, attracting thousands of firms that "probably would have domiciled in the United States if our crypto policy had been reasonable."
Hoskinson also levied criticism against former President Donald Trump's administration, which he claims neglected the crypto industry rather than actively suppressing it. "The Biden administration, on the other hand, has embarked on a coordinated campaign to kill crypto," he asserted.
His comments align with previous reports indicating that the Biden administration has sought to crack down on the American Bitcoin mining industry, citing China's approach as a model to emulate.
Hoskinson's accusations have drawn mixed reactions on social media, with some users challenging his focus on the Biden administration's alleged hostility towards cryptocurrencies. However, Hoskinson remains steadfast in his conviction, maintaining that the Biden administration's actions pose a grave threat to the crypto industry in the United States.
"A vote for Biden is a vote against the American cryptocurrency industry," he concluded.
The Biden administration's stance on cryptocurrencies has drawn concerns from industry leaders, who argue that the current regulatory framework stifles innovation and growth. The administration has indicated its commitment to protecting investors and maintaining financial stability, but it remains to be seen how these objectives can be balanced with the need to foster a thriving crypto ecosystem.
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