Biden’s Crypto Policies Under Fire: Cardano Leader Speaks Out
In a recent video shared on Cardanians.io, Cardano founder Charles Hoskinson called on US voters to prioritize crypto in the upcoming elections. Speaking directly to the American public, Hoskinson stressed the pivotal role blockchain technology could play in the country’s economic, political, and social fabric. He warned that re-electing President Joe Biden could spell disaster for the American cryptocurrency industry.
Hoskinson didn’t mince words in his critique of the Biden administration. On social media platform X, he voiced his frustration with the absence of a Democratic primary, which he believes would have exposed Biden’s waning performance. He questioned why the public continues to tolerate the current situation and highlighted the need for genuine alternatives in leadership.
Charles Hoskinson advises that US voters must vote wisely if they want a better future. The blockchain debate has spilled over into politics.#Cardano $ADA pic.twitter.com/L17dtazfXZ
— Cardanians (CRDN) (@Cardanians_io) July 1, 2024
The SEC ‘Regulation By Enforcement’ Approach
Central to Hoskinson’s criticism is the Securities and Exchange Commission’s strategy of “regulation by enforcement.” He argues this approach has led to substantial job losses and hindered a trillion-dollar industry. Hoskinson accused the Biden administration of deliberately attempting to “destroy the American cryptocurrency industry,” portraying the upcoming election as a crucial turning point for the sector’s future.
Hoskinson contrasted the US regulatory environment with those of countries like Singapore and Switzerland, which have embraced cryptocurrency with open arms. These nations have seen significant investment and economic growth due to their favorable policies. He suggested that many companies now operating overseas would have preferred to be based in the US if the regulatory climate had been more supportive.
Voices From The Crypto Industry Join In
Hoskinson’s concerns resonate with other key figures in the cryptocurrency world. Messari CEO Ryan Selkis and the Winklevoss twins echo his dissatisfaction with the current regulatory environment. These industry leaders have turned the crypto lobby into a formidable political force, ready to influence policy directly.
Dear @GaryGensler:
I just wanted to share the below video with you because I say the same things in private and in public, on twitter and on video, and I will continue saying these things to increasingly powerful people until you are out at SEC. https://t.co/0CnU5TPO2Z
— Ryan Selkis (d/acc) 🇺🇸 (@twobitidiot) June 26, 2024
Voters Face Long-Term Economic Decisions
The upcoming elections could be a watershed moment for the American cryptocurrency sector. Voters are being urged to think about the long-term impact of their choices on the nation’s economic and technological trajectory. As Hoskinson and other industry leaders amplify their voices, the debate over cryptocurrency regulation is set to play a significant role in the political discourse.
Featured image from The White House, chart from TradingView
