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Cryptocurrency News Articles
US Crypto Industry Clash with Biden Administration Amidst Legislative Turmoil
May 10, 2024 at 07:45 am
Amidst the US crypto industry's ongoing battle with the Biden administration, President Biden has vowed to shut down Congressional efforts to open banks to crypto customers. This stance has ignited a tirade from Cardano founder Charles Hoskinson, who accused the administration of harming the US's crypto industry and undermining its global standing. Hoskinson claims that President Biden's anti-crypto stance threatens to drive crypto talent and innovation overseas, potentially weakening the US's position in the global crypto arena.
U.S. Crypto Industry Battles Biden Administration Amidst Legislative Turmoil
Washington, D.C. - The United States crypto industry has found itself embroiled in a protracted battle with the Biden administration, navigating a complex regulatory landscape and facing allegations of government opposition towards digital assets.
Hope Dashed, Biden Vows to Veto Crypto-Friendly Legislation
A glimmer of hope emerged for the industry on Wednesday when the U.S. House of Representatives passed a groundbreaking resolution to overturn the Securities and Exchange Commission's (SEC) crypto accounting guidance, which had effectively barred banks from serving crypto customers. However, before Congress could celebrate, President Joe Biden vowed to maintain his anti-crypto stance, pledging to veto any legislation that would support the industry.
Industry Outrage: Charles Hoskinson Accuses Administration of Obstruction
Appalled and angered by Biden's statement, influential figures within the crypto industry voiced their concerns. Among them was Cardano founder Charles Hoskinson, who accused the current administration of intentionally harming the U.S.'s position in the global crypto arena.
In a passionate social media post, Hoskinson warned, "Please understand the intent of this administration is to destroy the American cryptocurrency industry." He expressed his deep-seated concerns about Biden's pledge to derail the crypto industry's progress, particularly the House-passed resolution that would allow banks to deal with crypto customers.
Hoskinson: "A Vote for Biden is a Vote Against Cryptocurrencies"
Hoskinson lamented that the administration's opposition to cryptocurrencies would lead to a loss of economic opportunities and innovation within the U.S. He highlighted the country's role in developing cryptography and algorithms, and the abundance of talent and infrastructure within its borders.
"A vote for Biden is a vote against cryptocurrencies," Hoskinson asserted. He expressed his frustration at seeing an industry with the potential to create hundreds of thousands of jobs being stifled, despite many of the underlying technologies originating in the U.S.
Biden's Policies Trigger Brain Drain Concerns
Hoskinson warned that the Biden administration's hostility towards crypto could trigger a brain drain from the country, driving talent and innovation overseas. He cautioned that rivals like China and the Middle East could seize the opportunity to leverage crypto against the U.S.
Trump Embraces Crypto, While Biden Digs In
In stark contrast to Biden's stance, former President Donald Trump has enthusiastically embraced cryptocurrencies. During a recent gala dinner, Trump expressed his support for the beleaguered industry, promising to stop firms from leaving the country due to regulatory hostility.
"If we're going to embrace [the crypto industry] then we have to let them be here," Trump stated. He also mocked Biden's understanding of digital assets, drawing a line between the two parties and labeling Democrats as the anti-crypto party.
Election Implications and Potential Override
While crypto policy may not be a primary concern for most American voters, its impact on the industry could have significant implications. The House could potentially override Biden's veto with a two-thirds majority vote, but the odds of such a move are uncertain.
The crypto industry faces an ongoing battle against an administration that has taken a seemingly adversarial stance. The outcome of this conflict will shape the future of digital assets in the United States and could have far-reaching consequences for the industry's growth and development.
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