Cardano founder Charles Hoskinson has accused Joe Biden’s administration of a deliberate attempt to stifle the growth of the crypto industry in the US and urged crypto holders to reconsider their votes in the upcoming elections later this year.
His accusations come in response to President Joe Biden’s announcement to veto a bipartisan resolution that has sparked controversy within the crypto community.
“The Biden administration has made a coordinated effort to destroy crypto,” Hoskinson stated during a livestream on Twitter. He labeled the government’s regulatory measures as ‘Operation Chokepoint 2.0’, implying a systematic attempt to block the sector’s access to essential financial services.
The resolution, HJ Res. 109, which passed the U.S. House of Representatives by a vote of 229 to 193, urges the Securities and Exchange Commission (SEC) to withdraw a staff bulletin on the custody of digital assets. Crypto advocates argue that the SEC guidelines are too restrictive and hinder innovation.
Despite bipartisan support for the resolution, the White House announced it would veto the resolution even if it were to pass, saying the SEC’s rules are critical to protecting investors and enforcing of the stability of the financial system.
However, Hoskinson and other industry leaders view the government’s position as hostile to the fast-growing crypto sector.
Hoskinson said:
“If you vote for Joe Biden as a crypto holder in November, please understand that this administration’s intent is to destroy the U.S. crypto industry.”
His comments highlight the widening divide between crypto enthusiasts and the current administration’s approach to the regulation of digital assets.
As the debate over cryptocurrency regulation intensifies, former President Donald Trump has taken the opportunity to court the crypto community, contrasting his pro-crypto stance with Biden’s regulatory actions.
The political dynamics suggest that crypto regulation will be a major issue in the upcoming presidential election, reflecting its growing importance as a new frontier in American innovation and economic competition.