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Hoskinson Accuses Biden Administration of ‘Coordinated Effort to Eliminate Cryptocurrencies’
Founder of Cardano Charles Hoskinson he accused Joe Biden’s administration of a deliberate attempt to stifle the growth of the cryptocurrency industry in the United States and urged cryptocurrency holders to reconsider their votes in the upcoming elections later this year.
His accusations come in response to President Joe Biden’s announcement of veto a bipartisan resolution this has sparked controversy within the crypto community.
“The Biden administration is committed to a coordinated effort to eliminate cryptocurrencies,” Hoskinson said during a live stream on Twitter. He labeled the administration’s regulatory actions “Operation Chokepoint 2.0,” which involves a systematic effort to block the industry’s access to essential financial services.
The resolution, HJ Res. 109, passed by a vote of 229-193 in the U.S. House, urges the Securities and Exchange Commission (SEC) to withdraw a staff bulletin on digital asset custody accounting. Cryptocurrency advocates argue that the SEC’s guidelines are overly restrictive and hinder innovation.
Despite bipartisan support Regarding the resolution, the White House announced that it will veto it even if it passes, saying that SEC rules are crucial to protecting investors and maintaining the stability of the financial system.
However, Hoskinson and other industry leaders see the administration’s stance as antagonistic toward the burgeoning cryptocurrency industry.
Hoskinson said:
“This November, if you vote for Joe Biden as a cryptocurrency holder, please understand that this administration’s intent is to destroy America’s cryptocurrency industry.”
His remarks highlight the deepening rift between cryptocurrency enthusiasts and the government’s current approach to regulating digital assets.
As the debate over cryptocurrency regulation intensifies, former president Donald Trump took the opportunity to woo the crypto communitycontrasting his pro-cryptocurrency stance with Biden’s regulatory measures.
The political dynamic suggests that cryptocurrency regulation will be a significant issue in the upcoming presidential election, reflecting its growing importance as a new frontier in American economic innovation and competition.