Charles Hoskinson, the creator of Cardano (ADA) and CEO of IOG, recently voiced his criticism of President Joe Biden’s efforts to undermine the cryptocurrency industry in the United States. Hoskinson pointed out the negative impact of the US government’s actions in recent years, including restrictions on access to bank accounts, the regulatory policies of the Securities and Exchange Commission (SEC), and the White House’s interference with the legislative process.
In response to a comment on his official X account on May 9, Hoskinson wrote, “The Biden administration has engaged in a coordinated effort to phase out encryption.” This statement reflects his concern about the government’s stance on cryptocurrency.
The White House, under President Biden’s administration, has shown strong opposition to HJ Res. 109, a bill that would allow highly regulated financial companies to serve as custodians of cryptocurrencies like Bitcoin. The administration argues that such a move would undermine the SEC’s efforts to protect investors and ensure the security of the overall financial system. The Executive Office of the President announced that President Biden would veto the project if presented with HJ Res. 109.
In a recent event at the Mar-a-Lago resort in Florida, former President Donald Trump shared his views on the cryptocurrency sector. While Trump has previously criticized Bitcoin and other cryptocurrencies, he took a more favorable stance on the technology during this meeting. He discussed the regulatory pressures faced by cryptocurrency companies in the US, particularly the actions taken by the SEC against major players like Binance and Coinbase. Trump emphasized the need for a less hostile approach from the government and encouraged cryptocurrency supporters to consider supporting him in the upcoming election.
It’s important to note that the views expressed in this article, whether by Charles Hoskinson or Donald Trump, are for informational purposes only and should not be considered as financial or investment advice. Investing or trading cryptocurrencies carries a risk of financial loss.