Author: Martin Young, CoinTelegraph; Compiler: Wuzhu, Golden Finance
Cardano founder Charles Hoskinson slammed US President Joe Biden, claiming that he is working to kill the US cryptocurrency industry.
In a video posted to X on May 9, Hoskinson said that the Biden administration is doing its best to "destroy the US cryptocurrency industry."
He said that over the past few years, the US government has "hurt the (cryptocurrency) industry in every possible way," citing restrictions on bank account access, the SEC's enforcement and regulatory policies, and the recent White House "obstruction" of legislative progress.
“A vote for Biden is a vote against the American cryptocurrency industry.”
Hokhinson’s comments came after a statement from President Biden’s office said he would veto legislation aimed at overturning SEC guidelines that prevent banks from custodying crypto assets.
On May 8, the White House expressed “strong opposition” to a subsequent joint resolution passed by House lawmakers to overturn SAB 121.
The White House claimed that repealing SAB 121 would hinder the SEC’s ability to “protect investors in the crypto asset markets and the broader financial system.”
Source: Charles Hoskinson
In addition, Hoskinson also slammed the U.S. Securities and Exchange Commission for using outdated legislation, which he said should not apply to emerging asset classes.
“It’s a ridiculous statement to say that the Securities Exchange Act, passed in 1933, is sufficient to regulate assets 90 years later.”
He cited Switzerland, Singapore and Dubai as jurisdictions that have welcomed crypto companies and received millions of dollars worth of investment cases from 3,000 companies “that would probably be incorporated in the United States if our crypto policies were sensible.”
A user on Twitter countered Hoskinson’s claim against Biden, saying that the previous Trump administration was also not fully open to cryptocurrencies.
Hoskinson responded without mincing words, saying that this stance is “completely wrong.”
“The [Trump] administration had its own problems but mostly ignored our industry. The Biden administration has taken a coordinated action to kill cryptocurrencies.”
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