Cardano Founder Charles Hoskinson Accuses Biden Administration of Trying to Kill Crypto Industry

Cardano founder Charles Hoskinson has launched a scathing attack on United States President Joe Biden, accusing him of actively working to dismantle the cryptocurrency industry in the country.

In a video posted on May 9, Hoskinson asserted that the Biden administration is deliberately trying to “destroy the American cryptocurrency industry.” He pointed to various actions taken by the government in recent years, such as restricting access to bank accounts and the Securities and Exchange Commission’s policy of regulation by enforcement, as evidence of this effort.

Hoskinson went on to criticize the White House for obstructing the legislative process, specifically mentioning President Biden’s veto threat against legislation seeking to overturn SEC guidelines that discourage banks from holding crypto assets in custody. The White House has stated that nullifying these guidelines would hinder the SEC’s ability to protect investors in the crypto-asset markets.

The Cardano founder also took aim at the SEC for using outdated legislation to regulate new and emerging asset classes, calling it an “absurd statement.” He highlighted countries like Switzerland, Singapore, and Dubai as examples of jurisdictions that have embraced crypto companies and reaped the benefits of significant investments.

When challenged on his criticism of President Biden, Hoskinson pushed back, claiming that the previous administration of President Donald Trump had largely ignored the crypto industry, while the Biden administration is actively working to stifle its growth.

This latest clash between the cryptocurrency industry and the U.S. government comes amid increasing scrutiny and regulatory challenges facing the sector. With tensions running high, the future of crypto in the United States remains uncertain.