Cardano (ADA) founder Charles Hoskinson has issued a scathing remark against the Joe Biden administration’s approach toward the crypto market. He noted that the Biden administration is trying to “kill” the crypto industry and it’s high time that industry stakeholders stand up for their right.
Cardano Founder Charles Hoskinson’s Comment Against Biden Administration
In a recent broadcast on X, Hoskinson started off by mentioning how the tightened crackdown of crypto in the U.S. has been affecting the entire industry. Moreover, he explained the industry’s role in upscaling the economy of several countries, including Switzerland. The Cardano founder highlighted that Ethereum’s development led to the emergence of 1,290 businesses in the Swiss with a market cap of $380 billion.
Furthermore, he noted that combining Singapore, Abu Dhabi, and Dubai, over 3,000 firms have been established. Hoskinson added that most of these startups could have been initiated in the U.S. if the crypto policies were rewarding. Thereafter, Hoskinson spotlighted the Biden administration’s decision to veto the H.J. Resolution 101 that seeks the repeal of SEC’s Staff Accounting Bulletin (SAB) 121 rules.
He vehemently slammed the administration for such a decision. The Cardano founder added that if crypto holders vote in favor of Biden this November, it might bring doom to the industry. He asserted that the Biden administration has been making efforts to destroy the crypto industry. This includes blocking bank accounts, regulation through enforcement, and lack of regulatory clarity.
Moreover, the Cardano pioneer added that the administration is now plainly obstructing the legislative process by announcing their move to veto the anti-SAB 121 bill. Furthermore, he deemed a vote for Biden as a vote against cryptocurrencies and the American crypto industry.
He added that the American crypto industry is capable of offering hundreds and thousands of jobs. Nonetheless, the potential is harnessed by countries in the Middle East and China. The Cardano founder blamed the Biden administration’s hostile policies for this outcome. Additionally he reaffirmed support for Robert F. Kennedy Jr, a pro-crypto presidential candidate.
Also Read: Breaking: US House Passes Vote to Overturn SEC Crypto Accounting Rule
Is Biden Administration’s Seeking To Kill Crypto?
Responding to the broadcast, a user commented about the Trump administration, which also didn’t support the crypto industry much. The user wrote, “To be fair Charles, the administration you guys had before Biden wasn’t exactly open to cryptocurrencies either (to my knowledge) and there were already a lot of problems regarding legislation and regulation back then.”
Refuting the claim, the Cardano founder wrote, “You’re completely wrong.” He went on to argue that while past administrations may have had their issues, they mostly ignored the crypto industry. In addition, Hoskinson asserted, “The Biden administration has engaged in a coordinated effort to kill crypto.”
Also Read: Crypto Crackdown: Biden Admin Opposes Bill Challenging SEC’s SAB 121
This news is republished from another source.
