Benzinga - Charles Hoskinson, founder of Cardano, recently sounded off on President Joe Biden regarding his current stance on cryptocurrency, specifically as it pertains to the upcoming presidential election. Hoskinson was a member of the founding team of ethereum before leaving to focus on developing a new blockchain called Cardano. The blockchain prioritizes creating social change by providing use cases that will benefit society.
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Hoskinson started a broadcast on X on May 9 to discuss "Biden and crypto." He promptly criticized the Biden administration, accusing it of actively seeking to "destroy the American cryptocurrency industry," and framing "a vote for Biden is a vote against the industry."
The comments came after a veto from Biden on a recent resolution. The SEC's Staff Accounting Bulletin No. 121 (SAB 121) was up for debate in Congress, as a majority was hoping to reject the proposal to ease restrictions on bank's ability to interact with cryptocurrency.
The proposal would force banks to report digital tokens held for customers on their balance sheets. This could arguably lead to huge increases in accounting costs, which could deter some banks from offering digital assets.
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However, the rejection is expected to be ineffective, as the Biden administration has vowed to veto it, allowing the SEC to continue its work aimed at protecting investors in crypto-asset markets and safeguarding the broader financial system. The Biden administration goes on to say that SAB 121 was "issued in response to demonstrated technological, legal, and regulatory risks that have caused substantial losses to consumers."
Hoskinson believes that the SEC is overstepping their bounds and is using largely outdated regulations to argue for its position. "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," Hoskinson added.
He went on to say that other countries, such as Singapore and Switzerland, have been much more welcoming to crypto, which has brought in huge amounts of investment and provided a boost to their economies. Additionally, he noted that many of the companies that are currently operating in other countries likely would have been operating "in the United States had our crypto policy been reasonable."
When asked about Trump, he noted that, while the [Trump] administration had its issues, it mostly ignored our industry. "The Biden administration has engaged in a coordinated effort to kill crypto."
As the November election approaches, the cryptocurrency industry could unexpectedly become an important topic for many voters. It will be interesting to see how the candidates continue to evolve their stances and how voters respond.
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