- President Joe Biden has vowed to shut down Congress’s efforts to open banks to crypto customers.
- Charles Hoskinson launched a tirade against the Biden administration.
- The Cardano founder claimed that a vote for Biden was a vote against crypto.
The US crypto industry has been in a multi-year intense battle with the Biden administration, trying to navigate the nation’s murky and tangled web of legislation and its alleged campaign against digital assets.
Hope glimmered for the industry after the US House of Representatives passed a groundbreaking resolution on Wednesday to overturn the SEC’s crypto accounting guidance, which had barred banks from handling crypto customers. However, before Congress could celebrate, US President Joe Biden vowed to stay the course with his anti-crypto stance, pledging to veto any pro-crypto legislation.
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Appalled and angered by President Biden’s statement, many influential figures in the industry voiced their concerns, including Cardano founder Charles Hoskinson, who accused the current administration of hurting the US’ standing in the global crypto arena.
A Vote For Biden is a Vote Against Crypto, Charles Hoskinson
“Please understand the intent of this administration is to destroy the American cryptocurrency industry,” Charles Hoskinson warned in his latest social media post, expressing his deep-seated concerns about President Biden’s pledge to derail a major development for the crypto industry.
The Cardano founder was visibly upset by President Biden’s statement, promising to veto the US House of Representatives’s decision to potentially allow banks to deal with crypto customers by rejecting the SAB 121 legislation that the SEC issued prohibiting banks from dealing with crypto.
In his tirade, Hoskinson accused the current US administration of perpetuating lies throughout the years and hurting the crypto industry in “every way possible.” The crypto pundit highlighted a series of enforcement actions by the White House, including restricting access to bank accounts and deliberately avoiding clarity to impede legislative processes.
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“A vote for Biden is a vote against cryptocurrencies,” Charles Hoksinson claimed.
The contentious founder lamented that it caused him a great degree of heartburn to witness an industry with the potential to create hundreds of thousands of jobs being pushed beyond borders, despite many of the underlying technologies originating on US soil.
Hoskinson Worries Biden is Driving Crypto Out of US Soil
In his video, the Cardano Founder highlighted the US’s pivotal role in inventing cryptography and algorithms, emphasizing the abundance of talent and infrastructure within the country. However, despite these advantages, President Biden’s staunch anti-crypto stance threatens to harm the industry and the 53 million Americans holding cryptocurrencies severely.
The rowdy pundit cautioned President Biden’s hostile policies could trigger a brain drain from the country and potentially allow rivals like China and the Middle East to leverage or weaponize crypto against the US.
However, while President Biden’s administration doubles down on the crypto industry, his major rival, former President Donald Trump, is embracing the asset class with open arms.
Trump Rubber Stamps Crypto
During a recent gala dinner Q&A with collectors of his “Mugshot Edition” NFT collection, Trump expressed his support for the besieged US crypto industry. When asked what he would do about firms leaving the US over regulatory hostility, Trump responded, “We’ll stop it because I don’t want that.”
"If we're going to embrace [the crypto industry] then we have to let them be here," Trump added.
During the session, the former president also took the opportunity to mock President Biden’s understanding of digital assets while drawing a line between both parties by distinguishing Democrats as the anti-crypto party. In contrast, Trump endorsed cryptocurrencies by saying, “I’m good with it.”
Basking in the spotlight, President Trump delivered a parting shot:
"If you're in favor of crypto, you better vote for Trump."
On the Flipside
- Crypto policy is not a concern for most voting Americans, as just 17% have invested in digital assets.
- Under the U.S. Constitution, the House could override President Biden’s veto with a two-thirds majority vote.
- Donald Trump’s campaign has announced that it will also accept cryptocurrency in donations.
Why This Matters
The crypto industry has been subjected to several punitive enforcement actions and regulatory crackdowns in recent years. President Biden’s pledge to veto pro-crypto legislation reveals Democrats’ public disdain for digital assets. Charles Hoskinson’s warning is important and should be considered, given that elections are only months away.
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