Cardano founder Charles Hoskinson has expressed his strong criticism towards 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 it was evident that the Biden administration was intentionally seeking to “annihilate” the American cryptocurrency industry. He pointed out that the U.S. government had consistently undermined the industry in various ways, including imposing limitations on access to bank accounts, the Securities and Exchange Commission’s enforcement-based regulatory approach, and most recently, the White House’s obstruction of the legislative process.
Hoskinson’s remarks came in response to a statement from President Biden’s office, in which he stated his intention to veto legislation aimed at overturning SEC guidelines that discourage banks from holding crypto assets in custody. On May 8, the White House expressed strong opposition to members of the House of Representatives who subsequently passed a joint resolution to nullify SAB 121.
The White House argued that overturning SAB 121 would impede the SEC’s ability to protect investors in crypto-asset markets and safeguard the broader financial system.
Hoskinson also criticized the SEC for relying on outdated legislation that he believes should not be applicable to new and emerging asset classes. He highlighted jurisdictions such as Switzerland, Singapore, and Dubai, which have embraced crypto companies and reaped the benefits of millions of dollars in investments from the approximately 3,000 firms that would have potentially chosen the United States as their domicile if the country had a more reasonable crypto policy.
In response to a Twitter user who challenged Hoskinson’s criticism of President Biden specifically, citing the lack of crypto-friendly policies during the previous administration of President Donald Trump, Hoskinson firmly disagreed, stating that this perspective was completely incorrect.
In April, it was reported that the Biden administration had urged Congress to focus on the American Bitcoin mining industry, using China as an example to follow.