- Cardano founder Charles Hoskinson accuses President Joe Biden of attempting to dismantle the U.S. cryptocurrency industry.
- Hoskinson points to restrictive banking access, SEC enforcement practices, and legislative obstruction as evidence of the administration’s hostile approach.
- Amidst policy debates, the White House opposes a resolution to overturn SEC guidelines that impact banks handling crypto assets.
Charles Hoskinson, founder of the Cardano blockchain, has openly criticized U.S. President Joe Biden, accusing his administration of deliberately undermining the cryptocurrency industry in the United States. In his latest video uploaded to X, Hoskinson expressed his concerns, stating it is “unambiguously clear” that the Biden administration is striving to “destroy the American cryptocurrency industry.”
Administration Policies Under Scrutiny
Hoskinson detailed several actions by the U.S. government that he believes have negatively impacted the cryptocurrency sector. These include restricted access to banking services for crypto-related businesses, the Securities and Exchange Commission’s (SEC) approach to regulation by enforcement, and recent moves by the White House to obstruct legislative efforts supportive of cryptocurrency.
This criticism comes in the wake of a statement from the White House indicating President Biden’s intention to veto any legislation that attempts to overturn the SEC’s Staff Accounting Bulletin No. 121 (SAB 121). The administration argues that removing SAB 121 would weaken the SEC’s capacity to protect investors and the broader financial system from the risks associated with crypto assets.
Comparisons and Global Context
In his critique, Hoskinson also pointed to other countries that have adopted more crypto-friendly regulations. He highlighted Switzerland, Singapore, and Dubai as examples where favorable policies have attracted significant investment from crypto companies—investments that, according to Hoskinson, might have flowed into the U.S. if the regulatory environment were more accommodating.
Broader Political Implications
The discourse around cryptocurrency regulation in the U.S. remains highly polarized. Hoskinson’s comments reflect a growing frustration within the crypto community regarding the current administration’s approach. A user on X challenged Hoskinson’s focus on Biden, noting that the previous Trump administration had not been particularly supportive of crypto either. Hoskinson countered this view, asserting that while the Trump administration mostly ignored the crypto industry, the Biden administration has actively sought to suppress it.
