Cardano founder Charles Hoskinson has criticized U.S. President Joe Biden, alleging that he is actively trying to undermine the crypto industry in the United States.

In a May 9 video posted on X, Hoskinson stated that it is “unambiguously clear” the Biden administration is doing everything possible to “destroy the American cryptocurrency industry.”

He argued that over the past few years, the U.S. government has harmed the crypto industry in every way possible, including restricting access to bank accounts, the Securities and Exchange Commission’s (SEC) regulation by enforcement, and most recently, the White House "obstructing" the legislative process.

“A vote for Biden is a vote against the American cryptocurrency industry,” Hoskinson declared.

Hoskinson’s remarks followed a statement from President Biden’s office, which indicated that he would veto legislation aimed at overturning SEC guidelines that discourage banks from holding crypto assets in custody.

On May 8, the White House expressed strong opposition to members of the House of Representatives who later passed a joint resolution to overturn 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.”

Additionally, Hoskinson criticized the SEC for using outdated legislation that he said should not apply to new and emerging asset classes.

“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,” he stated.

He pointed to Switzerland, Singapore, and Dubai as examples of jurisdictions that welcome crypto companies and have benefited from millions of dollars in investments from the 3,000 firms that “probably would have domiciled in the United States had our crypto policy been reasonable.”

A Twitter user countered Hoskinson’s claims, arguing that the previous administration under President Donald Trump had not been particularly supportive of crypto either.

Hoskinson responded bluntly, saying this stance was “completely wrong”:

“The [Trump] administration had its issues but mostly ignored our industry. The Biden administration has engaged in a coordinated effort to kill crypto.”

Sources:

https://decrypt.co/230117/joe-biden-kill-crypto-versus-trump-cardano-messari

https://twitter.com/IOHK_Charles/status/1788462399369937198