President Joe Biden is trying hard to ‘kill crypto’, says Cardano founder

As a researcher with a background in finance and technology, I have closely followed the development of the cryptocurrency industry and its interactions with regulatory bodies. Charles Hoskinson’s recent remarks regarding the United States government’s alleged efforts to destroy the American crypto industry under President Joe Biden’s administration have caught my attention.

Charles Hoskinson, the founder of Cardano, has strongly criticized US President Joe Biden for what he believes is an intentional attempt to eliminate the cryptocurrency sector in the United States.

In a video uploaded on May 9th to X, Hoskinson expressed his belief that the Biden administration’s actions are explicitly intended to harm the US cryptocurrency sector.

As a researcher studying the cryptocurrency industry, I’ve observed that over the past few years, the U.S. government has imposed various challenges on this sector. These hurdles include restricting access to traditional banking services, relying heavily on the Securities and Exchange Commission (SEC) for regulation through enforcement actions, and more recently, hindering the legislative process at the White House.

“A vote for Biden is a vote against the American cryptocurrency industry.”

As an analyst, I’d rephrase it this way: After the White House announced that President Biden would reject any bill aimed at reversing SEC regulations preventing banks from holding cryptocurrencies, Hocksinson made his comments.

The White House expressed firm opposition on May 8 against members of the House of Representatives who subsequently passed a joint resolution aimed at reversing SAB 121.

As a researcher investigating the implications of White House actions, I’ve discovered that the proposed nullification of SAB 121 is believed to impede the Securities and Exchange Commission (SEC) in their crucial roles of shielding investors in crypto-asset markets and preserving the stability of our financial system as a whole.

President Joe Biden is trying hard to 'kill crypto', says Cardano founder

As a researcher investigating the ongoing debate between Cardano‘s founder, Charles Hoskinson, and the Securities and Exchange Commission (SEC), I’d like to add that Hoskinson strongly criticized the SEC for relying on outdated regulations to govern new and evolving digital asset classes.

“The Securities Exchange Act passed in 1933, to say that it is sufficient to regulate assets that came 90 years later is an absurd statement.”

He mentioned Switzerland, Singapore, and Dubai as countries that are favorable to crypto businesses and have gained substantial financial returns, estimated at millions of dollars, from the approximately 3,000 companies that likely would have set up shop in the US if our cryptocurrency regulations were more accommodating.

A Twitter user challenged Hoskinson’s assertion about Biden’s stance on crypto, pointing out that the Trump administration wasn’t particularly receptive towards cryptocurrencies as well.

Hoskinson didn’t mince words in response, saying this stance was “completely wrong.”

“The [Trump] administration had its issues but mostly ignored our industry. The Biden administration has engaged in a coordinated effort to kill crypto.”

As a financial analyst, I’d rephrase it this way: In April, I came across an article in CryptoMoon where it was mentioned that the Biden Administration proposed legislative actions to regulate the Bitcoin mining sector in the US, drawing inspiration from China’s approach.

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2024-05-10 09:01