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Author: Martin Young, CoinTelegraph; Compiled by: Wuzhu, Bitchain Vision
Cardano founder Charles Hoskinson slammed U.S. President Joe Biden, claiming he is working to kill the cryptocurrency industry in the United States.
In a video posted to X on May 9, Hoskinson saidThe Biden administration is doing its best to “destroy the U.S. cryptocurrency industry.”
He said the U.S. government has “harmed the (cryptocurrency) industry in every possible way” over the past few years, citing restricted bank account access, SEC’s enforcement regulatory policies and more recently.The White House “hinders” the legislative process.
“Voting for Biden is voting against the US cryptocurrency industry.”
The remarks of Hoxinson come after a statement from the President Biden’s office said he would veto legislation aimed at overturning the SEC’s guidelines to prevent banks from custodying crypto assets.
On May 8, the White House expressed “strong opposition” that House members later passed a joint resolution to overturn SAB 121.
The White House claims that abolishing SAB 121 will hinder the SEC’s ability to “protect investors in the crypto asset market and the broader financial system.”
Source: Charles Hoskinson
Additionally, Hoskinson slammed the SEC for exploiting outdated legislation, which he said should not apply to emerging asset classes.
“The Securities Exchange Act passed in 1933, saying it is sufficient to regulate assets after 90 years, is a ridiculous statement.”
He cites Switzerland, Singapore and Dubai as jurisdictions that welcome crypto companies and has obtained multimillion-dollar investment cases from 3,000 companies, “if our crypto policies are justified, these companies may be registered in the United States”.
A user on Twitter refuted Hoskinson’s claims against Biden, saying that the former Trump administration has also not fully opened up cryptocurrencies.
Hoskinson responded without hesitation that this position was “completely wrong”.
“The [Trump] administration also has its own problems, but mostly ignores our industry. The Biden administration has taken coordinated actions to eliminate cryptocurrencies.”
