News
Cardano Founder Charles Hoskinson Accuses Biden Administration of Trying to ‘Kill Cryptocurrencies’
Cardano Founder Charles Hoskinson Accuses Biden Administration of Trying to ‘Kill Cryptocurrencies’
Charles Hoskinson, founder of Cardano, recently spoke with President Joe Biden about his current stance on cryptocurrency, particularly 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 project blockchain called Cardan. Blockchain prioritizes creating social change by providing use cases that will benefit society.
Not to be missed:
Hoskinson started an average of broadcast on X on May 9 to discuss “Biden and Cryptocurrencies.” He quickly 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 Biden’s veto of a recent resolution. The Staff Accounting Bulletin n. 121 (SAB 121) of the SEC was the subject of debate in Congress, as the majority hoped to reject the proposal to loosen restrictions on the ability of banks to interact with cryptocurrency.
The proposal it would force banks to report digital tokens held for customers onto their balance sheets. This could likely lead to huge increases in accounting costs, which could dissuade some banks from offering digital assets.
Trend: 1 in 4 Americans owns a share of Bitcoin according to NASDAQ, How much would $10 get you today??
However, the refusal is expected to be ineffective, as the Biden administration has promised to veto it, allowing the SEC to continue its work to protect investors in cryptocurrency markets and safeguard 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Hoskinson believes the SEC is overstepping its bounds and using largely outdated regulations to bolster its position. “The Securities Exchange Act passed in 1933, to say that it is enough to regulate businesses 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 cryptocurrencies, which have brought in huge amounts of investment and boosted their economies. Additionally, she noted that many of the companies currently operating in other countries likely would have operated “in the United States if our cryptocurrency policy had been reasonable.”
The story continues
When asked about Trump, he noted that while the [Trump] the administration had its own problems, mostly ignoring our industry. “The Biden administration is committed to a coordinated effort to eliminate cryptocurrencies.”
As the November election approaches, the cryptocurrency industry may unexpectedly become an important topic for many voters. It will be interesting to see how the candidates continue to evolve their positions and how voters respond.
Read next:
Cryptographic digital assets
“THE SECRET WEAPON OF ACTIVE INVESTORS” Power up your stock market game with the #1 trading tool. 1 “news and everything else”: Benzinga Pro – Click here to start your 14 day trial now!
Get the latest stock analysis from Benzinga?
This article Cardano Founder Charles Hoskinson Accuses Biden Administration of Trying to ‘Kill Cryptocurrencies’ originally appeared on Benzinga.com
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.