Key Points
- In a video on X, Cardano’s founder says that US President Joe Biden is trying to destroy the country’s crypto industry.
- He cites the ongoing treatment of crypto in the US.
In a recent video shared on X, Cardano‘s founder Charles Hoskinson, lashed out at the US President Joe Biden, saying that he’s making efforts to destroy the crypto industry in the country.
In the clip, Hoskinson said that it was “unambiguously clear” that the Biden administration is trying its best to wreck the digital asset industry, citing the ongoing treatment that crypto has been seeing in the US.
Biden and Crypto https://t.co/P06encxBEv
— Charles Hoskinson (@IOHK_Charles) May 8, 2024
A coordinated effort “to kill crypto”
Responding to a comment saying that the administration before Biden was not exactly open to crypto, Hoskinson responded that the previous administration ignored the industry, while the current US President “has engaged in a coordinated effort to kill crypto.”
Hoskinson explained that over the past years, the US government has hurt the crypto industry “in every way possible.”
He cited the restricted access to bank accounts, the SEC’s policy of regulation by enforcement, and the White House “obstructing” the legislative process.
In a May 8 statement, the White House said that it strongly opposes members of the House of Representatives seeking to pass a joint resolution that would allegedly disrupt the SEC’s efforts “to protect investors in the crypto asset markers and to safeguard the broader financial system.” (SAB 121)
The Resolution is H.J.Res 109, and it was introduced in the House back in February. This requires banks to keep customers’ crypto on their balance sheets with capital maintained against them.
Hoskinson comments come following the Biden administration’s efforts to discourage banks from holding crypto in custody.
Hoskinson also lashed out at the SEC for leveraging old legislation that should not be applied to new and emerging class assets.
“The Securities Exchange Act passed in 1933, to say that it is sufficient to regulate assets that came 90 years later is an absurd statement.”
The other day, the “Bitcoin Senator” Cynthia Lummis shared a post on her X account, highlighting that she has garnered support from 30 GOP senators in the Senate to overturn the SEC’s SAB 121, which imposes limitations on financial institutions holding Bitcoin.
https://twitter.com/CynthiaMLummis/status/1788668554004320262
She also shared a post thanking her colleagues in the House for their support.
Former President Donald Trump supports the crypto industry
During the past few days, former US President Donald Trump highlighted his support for crypto. He said that he would make sure that crypto can be used for donations in his campaign.
Trump appeared in a meeting to tell a group of buyers for his NFTs that the crypto persecution days will be over.
He continued and told the crowd that President Joe Biden does not even know what crypto is. He told people that if they like crypto in any form and if they are in favor of crypto, they should vote for him.
Recently, Forbes recently wrote an article highlighting how the former president of the US and the Federal Reserve could unleash $4 trillion in Bitcoin, sending the token to $200k by 2025.
