In an almost 15-minute video, Charles Hoskinson, co-founder of Ethereum (ETH) and founder of Cardano (ADA), shared his views on President Joe Biden’s administration’s stance towards the crypto industry.
Hoskinson highlights the statement from Biden’s administration regarding H.J. Res 109. This resolution is against the Securities and Exchange Commission’s (SEC) Staff Accounting Bulletin (SAB) 121.
Hoskinson Speaks Out Against Biden’s Crypto Regulations
SAB 121 is particularly interesting for the crypto community since it requires financial institutions to include customers’ digital assets on their balance sheets. Critics see this as a major operational and financial hurdle.
The White House claimed rejecting this rule would weaken the SEC’s investor and financial system protections. They strongly stated, “if the President were presented with H.J. Res. 109, he would veto it.”
Read more: How Does Regulation Impact Crypto Marketing? A Complete Guide
In response to the current situation, Hoskinson called the idea of regulating crypto under the Securities Act of 1933 “an absurd statement.”
“Cryptocurrencies can be commodities, securities, currencies, loyalty points, non-fungible tokens. All at the same time. So, how do you do these asset regulations when things can move on daily, weekly, monthly basis? In fact, circumstances can change over time,” Hoskinson explained.
Hoskinson also warned that the US might lose all its cryptography experts. He speculated they might move to regions like China and the Middle East. There, adversaries could “weaponize” them against the US.
However, Hoskinson mentioned that there’s nothing Joe Biden could do to eliminate Bitcoin or cryptocurrencies entirely. Concluding his speech, Hoskinson emphasized the importance of voting for crypto in the upcoming November elections.
“In November, vote crypto and understand who isn’t voting crypto,” he urged.
A crypto community member then challenged Hoskinson. They said the previous administration wasn’t exactly crypto-friendly either. Yet, Hoskinson disagreed.
“You’re completely wrong. The administration had its issues but mostly ignored our industry. The Biden administration has engaged in a coordinated effort to kill crypto,” he replied.
In an interesting turn of events, former US President Donald Trump recently expressed his comfort with crypto. He did so at a special event for his “Mugshot Edition” NFT holders in Florida.
“And if you like crypto, […] if you’re in favor of crypto, you better vote for Trump,” he said.
Additionally, Trump announced his campaign would accept cryptocurrency donations. This announcement sparked interest online. Yet, it awaits further details from his campaign staff.
The crypto community welcomed Trump’s support. Plan B, a renowned crypto analyst, expressed his thoughts.
“If Trump embraces crypto and restores basic human rights […] then he gets 50% of votes and wins the November 2024 elections!” PlanB wrote.
The differing views of Joe Biden and Donald Trump on crypto are notable. This is especially true as the US presidential election approaches.
Read more: Crypto Regulation: What Are the Benefits and Drawbacks?
According to the Blockchain Association, 1 in 5 US voters sees cryptocurrencies as a key issue. They want officials to focus on crypto regulations and investor protections. These issues matter to 33% and 35% of crypto-positive respondents, respectively.
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