FameEX Hot Topics | Cardano Founder Claims President Joe Biden is Actively Trying to 'Kill Crypto'

Cardano founder Charles Hoskinson has sharply criticized U.S. President Joe Biden, accusing him of aggressively undermining the cryptocurrency industry in the United States. In a video posted on May 9 to the social media platform X, Hoskinson expressed his concerns about the Biden administration's actions against the crypto sector.

Hoskinson articulated a strong sentiment that President Biden’s policies are deliberately aimed at crippling the American cryptocurrency industry. He pointed out that under Biden's leadership, the government has imposed numerous hurdles on the crypto industry, notably restricting access to banking services and engaging in what he described as "regulation by enforcement" through the Securities and Exchange Commission (SEC). He also highlighted a recent incident where the White House interfered in the legislative process, particularly regarding crypto asset custody by banks.

The contention escalated following a White House statement on May 8, which announced President Biden's intent to veto legislation that would challenge SEC guidelines. These guidelines currently discourage banks from managing crypto assets. The White House defended its stance by arguing that overturning these guidelines would undermine the SEC’s capacity to protect investors and maintain the integrity of the broader financial system.

Hoskinson was critical of the SEC's reliance on the Securities Exchange Act of 1933, arguing that it is outdated for regulating modern asset classes that emerged nearly 90 years after the act was passed. He contrasted the U.S. approach with more favorable regulatory environments in countries like Switzerland, Singapore, and Dubai. These nations have attracted significant investments from crypto companies, with Hoskinson suggesting that thousands of firms might have chosen the U.S. if its policies were more accommodating.

The debate over the U.S. government’s stance on cryptocurrency is not just limited to the Biden administration. A user on Twitter pointed out that the previous Trump administration also did not fully support the crypto industry. Hoskinson dismissed this comparison, emphasizing that while the Trump administration mostly ignored the crypto industry, the current administration appears to be actively opposed to it.

Hoskinson's remarks reflect a broader concern within the cryptocurrency community regarding the U.S. government's approach to regulation and support of the industry. He argued that the administration’s actions represent a clear and concerted effort to dismantle the crypto sector, a move he believes is detrimental to the technological and financial advancement of the country.

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