Cardano founder Charles Hoskinson has strongly criticized President Joe Biden, accusing him of actively working to destroy the cryptocurrency industry in the United States. In a video posted on May 9, Hoskinson stated that it was evident that the Biden administration is making deliberate efforts to harm the American crypto industry. He pointed out that the U.S. government has consistently impeded the industry’s progress through actions such as limiting access to bank accounts, the Securities and Exchange Commission’s enforcement-focused regulatory approach, and most recently, obstructing the legislative process at the White House.
Hoskinson’s comments came in response to a statement from President Biden’s office, which expressed opposition to legislation seeking to overturn SEC guidelines discouraging banks from holding crypto assets in custody. On May 8, the White House declared its strong opposition to members of the House of Representatives who later passed a joint resolution to counter SAB 121. The White House argued that nullifying SAB 121 would hinder the SEC’s ability to protect investors in crypto-asset markets and safeguard the broader financial system.
In addition, Hoskinson criticized the SEC for relying on outdated laws that he believes should not be applied to new and emerging asset classes. He highlighted Switzerland, Singapore, and Dubai as jurisdictions that have welcomed crypto companies and benefited from millions of dollars in investments from the 3,000 firms that would likely have chosen the United States as their base if the country had a more reasonable crypto policy.
In response to a Twitter user who challenged Hoskinson’s criticism of President Biden, citing the lack of support for crypto during Donald Trump’s administration, Hoskinson vehemently disagreed. He stated that this viewpoint was completely incorrect. In April, it was reported that the Biden administration had requested Congress to focus on the American Bitcoin mining industry, using China as an example to follow.
It is important to understand the role of crypto market makers in the industry. They are responsible for providing liquidity and facilitating trading activities, although some may accuse them of manipulation.