Cardano Founder Alleges Joe Biden’s Pro-SEC Attempts to ‘Kill Crypto’
Cardano creator Charles Hoskinson leads the crypto community faction, alleging that the pro-SEC White House veto is behind the decisive battle line and forcing crypto to exit.
The tussle emerges from the non-binding resolution approved in the US legislative house. Today, the contest appears to pit the entire crypto industry against the onslaught from President Joe Biden’s administration.
Hoskinson revealed in an X post that the Biden administration appears to deploy a coordinated effort orienting the crypto industry to its deathbed.
President Biden Attempts to Kill Crypto
The Cardano creator responds to the revelation by the White House that President Biden would veto the resolution H.J. Res. 109. The resolution demands that the US Securities and Exchange Commission (SEC) withdraw the staff bulletin crypto asset custody accounting.
The move by Biden to veto the resolution passed following a bipartisan vote 229-193 retracts the legislative view that declared the SEC’s perspective as holding the US innovation in the crypto space hostage.
Hoskinson termed the move as underscoring Operation Chokepoint 2.0. He added that voting for Biden as a crypto holder in the November presidential election is greenlighting the current administration’s resolve to destroy the US crypto industry.
Hoskinson revealed in the Wednesday, May 8 post that, without doubt, illustrates devotion to force crypto exit. The Cardano creator downplays the White House argument that the resolution will likely hurt the SEC’s present efforts to safeguard investors within the crypto markets.
The Biden administration explained that the grounds for the veto were to safeguard the broader financial system. Nonetheless, crypto enthusiasts dispute the perspective and consider that former president Donald Trump offers the better option as Americans edge closer to the November election.
Hoskinson added that the Trump-led administration suffered from several issues that seemed to ignore the crypto industry. He decries that the present enforcement appears tone-deaf and propagates similar policy, costing Americans hundreds of thousands of jobs and irreplaceable loss of the trillion-dollar industry.
Hoskinson warns against voting for Biden since such amounts to opposing cryptos. He illustrates that the administration is behind the confiscation, lying, and repeated destruction of the crypto industry.
The Biden administration is accused of restricting access to bank accounts and regulating them through enforcement. The policies have done little to bring desired clarity; instead, they reverse decisions made and obstruct the legislative process.
Biden Reelection Threatens Stablecoins and DeFi
Messari founder Ryan Selkis opposes Biden’s reelection, warning about the administration’s position on crypto. The executive warns that Biden’s successful bid threatens to usher restrictive context for stablecoins, such as bank licensure for the issuer and classifying all tokens of unregistered securities.
Selkis observes that Biden threatens to condemn all decentralized finance (DeFi) protocols as unlicensed money transmission. Besides, the administration would likely demand that Bitcoin miners, layers, and self-hosted wallets collect the unrealized gains.
Irreverent Labs chief executive Rahul Sood echoes Hoskinson’s views to express disappointment on how the Biden administration handles the crypto industry. He warns that voting for Biden is becoming difficult for individuals who care about US crypto.
Helium founder Amir Haleem termed voting for Biden as impossible given that the administration plunged the crypto into a deplorable state. He reflects on the dispute arising from the Staff Accounting Bulletin (SAB) that the SEC chair term as uncontroversial.
Haleem observes that the SAB addresses the inclusion of liabilities on the balance sheet, as proved by the courts ruling out the classification of crypto assets as bankruptcy remote. The stance has seen Gensler attract vocal critics affiliated with Biden’s administration.
Democratic Leadership Choking Off the Crypto Industry
The arbitrary and capricious decisions by the SEC have attracted criticism from legislators and crypto advocacy groups. Republican Patrick McHenry warned the SEC against strangling the crypto industry.
The criticism of Biden is inevitable, particularly with the Blockchain Association study, which illustrated that crypto holders constitute a critical constituency that politicians should court. The study demonstrates that 90% of the crypto holders express willingness to vote in the forthcoming election.
Donal Trump appears to leverage the opportunity to earn the adoration of the crypto holders. The Republican presidential candidate revealed during the Florida event that crypto is exiting the US owing to hostility.
The pro-crypto stance by Trump sharply contrasts his previous pronouncements that condemned Bitcoin, citing vulnerability to volatility. Recently, he criticized Gensler and Democrats for opposing crypto and assured his tolerance for digital assets.
