Cardano founder claims President Joe Biden is vigorously aiming to “eradicate cryptocurrency.”

Cardano founder Charles Hoskinson has criticized President Joe Biden, accusing him of actively working to destroy the cryptocurrency industry in the United States. In a video posted on May 9, Hoskinson expressed his belief that the Biden administration is making concerted efforts to hinder the growth and development of the American crypto industry. Hoskinson pointed out various ways in which the US government has negatively impacted the industry, including restricted access to bank accounts and the Securities and Exchange Commission’s policy of regulation through enforcement. He also criticized the White House for obstructing the legislative process. Hoskinson’s comments were prompted by a statement from President Biden’s office, in which he expressed his intention to veto legislation seeking to overturn SEC guidelines that discourage banks from holding crypto assets in custody. The White House had previously stated its strong opposition to a joint resolution passed by members of the House of Representatives to overturn SAB 121. According to the White House, nullifying SAB 121 would hinder the SEC’s ability to protect investors in crypto-asset markets and safeguard the broader financial system. Hoskinson also criticized the SEC for relying on outdated legislation that he believes should not apply to new and emerging asset classes. He cited Switzerland, Singapore, and Dubai as examples of jurisdictions that have embraced crypto companies and benefited from significant investments. Hoskinson argued that had the US had a more reasonable crypto policy, many of the 3,000 crypto firms that have chosen to domicile elsewhere may have chosen the United States instead. In response to a Twitter user who mentioned that the previous Trump administration was not supportive of crypto either, Hoskinson strongly disagreed, stating that this perspective was completely wrong. The Biden administration has already shown its skepticism towards the American Bitcoin mining industry, requesting that Congress take action to address it and looking to China as an example.