Hoskinson accuses Biden administration of ‘coordinated effort to kill crypto’

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 stirred controversy within the crypto community.

“The Biden administration has engaged in a coordinated effort to kill crypto,” Hoskinson stated during a Twitter livestream. He labeled the administration’s regulatory actions as “Operation Chokepoint 2.0,” — implying a systematic effort to block the industry’s access to essential financial services.

The resolution, H.J. Res. 109, which passed with a 229-193 vote in the US House, urges the Securities and Exchange Commission (SEC) to retract a staff bulletin on digital asset custody accounting. Crypto advocates argue that the SEC’s guidelines are overly restrictive and hamper innovation.

Despite bipartisan support for the resolution, the White House announced it would veto the resolution even if it passes, saying the SEC’s rules are crucial for protecting investors and maintaining the financial system’s stability.

However, Hoskinson and other industry leaders see the administration’s stance as antagonistic toward the burgeoning crypto sector.

Hoskinson said:

“This November, if you vote for Joe Biden as a crypto holder, please understand that the intent of this administration is to destroy the American crypto industry.”

His remarks highlight the deepening rift between crypto enthusiasts and the current government’s approach to digital asset regulation.

As the debate around crypto regulation intensifies, former President Donald Trump has seized the opportunity to court the crypto community, contrasting his pro-crypto stance against Biden’s regulatory measures.

The political dynamic suggests that crypto regulation will be a significant issue in the upcoming presidential election, reflecting its growing importance as a new frontier in American innovation and economic competition.

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