Charles Hoskinson Accuses Biden of Aiming to ‘Kill’ the Crypto Industry

US President Joe Biden is allegedly making deliberate efforts to dismantle the country’s cryptocurrency industry, according to Cardano co-founder Charles Hoskinson.

Biden and Crypto https://t.co/P06encxBEv

— Charles Hoskinson (@IOHK_Charles) May 8, 2024

According to the expert, in recent years the US government has only “harmed” startups. He cited restricted access to bank accounts, the policy of the SEC, and “obstacles” in the legislative process.

“Voting for Biden is a vote against the American cryptocurrency industry,” commented Hoskinson.

His remarks followed a statement from the White House administration indicating the president’s readiness to veto a bill aimed at overturning SEC recommendations that prevent banks from offering digital asset custody services.

Biden’s advisors emphasized that repealing SAB 121 would hinder the SEC’s ability to “protect investors in cryptocurrency markets and ensure the safety of the entire financial system.”

Hoskinson also criticized the Commission for using outdated regulations that “should not be applied to new and emerging asset classes.”

“The Securities Exchange Act was enacted in 1933, and to say it is sufficient to regulate cryptocurrencies that emerged 90 years later is absurd,” explained the Cardano co-founder.

The entrepreneur identified Switzerland, Singapore, and Dubai as jurisdictions friendly to digital assets. These countries benefit from millions of dollars in investments from 3,000 firms that “could be based in the US with reasonable policies,” he added.

Separately, Hoskinson described the interpretation of former President Donald Trump’s stance on cryptocurrencies as “absolutely incorrect.”

“He mostly ignored our industry. The Biden administration has made coordinated efforts to kill digital assets,” noted the Cardano co-founder.

Over 20% of respondents in several states consider cryptocurrency a key issue in the upcoming US elections.

Previously, a Paradigm survey revealed that 48% of voters holding digital assets plan to vote for Trump in the upcoming presidential election. 8% prefer the current head of state, while 13% remain undecided.