President Joe Biden is trying hard to ‘kill crypto,’ says Cardano founder

“A vote for Biden is a vote against the American cryptocurrency industry,” said Charles Hoskinson in a video that lashed the White House for its ongoing treatment of crypto in the United States.

Cardano founder Charles Hoskinson has lashed out at United States President Joe Biden, claiming that hes making a concerted effort to kill the crypto industry in the United States.

In a May 9 video posted to X, Hoskinson said it was “unambiguously clear” the Biden administration is trying its best to “destroy the American cryptocurrency industry.”

He said that over the past few years, the U.S. government had “hurt [the crypto] industry in every way possible,” citing the restricted access to bank accounts, the Securities and Exchange Commissions (SEC) policy of regulation by enforcement — and most recently — the White House “obstructing” the legislative process.

“A vote for Biden is a vote against the American cryptocurrency industry.”

Hoksinson‘s comments came following a statement from President Biden’s office, which said he would veto legislation looking to overturn SEC guidelines that discourage banks from holding crypto assets in custody.

On May 8, the White House said it “strongly opposes” members of the House of Representatives that later passed a joint resolution to overturn SAB 121.

The White House claimed nullifying SAB 121 would hinder the SECs ability to “protect investors in crypto-asset markets and to safeguard the broader financial system.”

Source: Charles Hoskinson

Additionally, Hoskinson lashed out at the SEC for leveraging antiquated legislation that he said shouldnt apply to new and emerging asset classes.

“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.”

He cited Switzerland, Singapore and Dubai as jurisdictions that welcome crypto companies and have reaped the benefits of millions of dollars worth of investments stemming from the 3,000 firms that “probably would have domiciled in the United States had our crypto policy been reasonable.”

A user on Twitter pushed back on Hoskinson‘s Biden-specific claims, saying that the previous administration of President Donald Trump hadn’t exactly been open to crypto either.

Hoskinson didnt mince words in response, saying this stance was “completely wrong:”

“The [Trump] administration had its issues but mostly ignored our industry. The Biden administration has engaged in a coordinated effort to kill crypto.”

In April, Cointelegraph reported that the Biden administration asked Congress to target the American Bitcoin mining industry, citing China as an example for the U.S. to follow.