Charles Hoskinson criticizes President Biden's tough stance on cryptocurrencies.
In contrast, former US President Donald Trump has voiced his support for #cryptocurrencies .
His stance on cryptocurrencies could sway voters in the upcoming election.
Charles Hoskinson, co-founder of #ETFvsBTC (ETH) and founder of #Cardano (ADA), shared his opinion on President #Joe Biden's administration's stance on the crypto industry in a 15-minute video.
Mr. Hoskinson highlighted the Biden administration's statement on the H. J. resolution, Res 109. The resolution is in response to the SEC's SAB 121 accounting bulletin.
SAB 121 is of particular interest to the crypto community because it requires financial institutions to account for their customers' digital assets on their balance sheets. Critics see this as a major operational and financial hurdle.
The White House stated that a waiver of the rule would weaken the SEC's protections for investors and the financial system. It emphasized that "if the President were presented with H. J. Res. 109, he would have vetoed it.
In response, Hoskinson called the idea of regulating cryptocurrencies under the Securities Act of 1933 "an absurd statement.
Cryptocurrencies are commodities, securities, currencies, points and unique tokens. They all exist at the same time. So how to regulate these assets, whose situation can change daily, weekly or monthly? Moreover, the situation changes over time," explained Hoskinson.
Hoskinson also warned that the U. S. could lose all of its crypto experts. He suggested that they could move to regions such as China and the Middle East. There, adversaries would be able to "use them as weapons" against the US.
However, Mr. Hoskinson noted that Joe Biden will not be able to completely destroy #bitcoin or cryptocurrencies. At the end of his speech, Mr.
Members of the crypto community then challenged Mr.
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