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Biden Administration receives criticism from Cardano founder.
Charles Hoskinson, the founder of #Cardano , made a harsh criticism of the Biden administration and claimed that President Joe Biden was taking action to sabotage the American cryptocurrency industry. Hoskinson's statements in the May 9 video reveal his criticism of systematic attempts to stifle crypto innovation in the United States.
“A vote for #Biden is a vote against the American cryptocurrency industry,” Hoskinson said. He did not mince his words. He criticized the government for its stance on crypto regulations, listing a number of moves he believes are hindering the development of the industry.
The Securities and Exchange Commission (SEC) has called Cardano's founder overly aggressive in regulating, highlighting restrictive government regulations, especially when it comes to accessing banking services. Recently, he also pointed out various actions taken by the White House, accusing them of hindering the legislature's efforts to support the crypto industry.
President Biden's stance against legislation proposing to overturn SEC rules put in place to deter banks from dealing with crypto assets was a particularly sore point for Hoskinson. The White House issued a statement saying such actions were highly undesirable and vital to protect investors and the broader financial system.
Hoskinson also took aim at the SEC, but merely stated that he disapproved of the regulator's use of old laws to control new asset classes such as cryptocurrencies. He compared the approach in the United States to that of countries such as Switzerland, Singapore and Dubai, which have all embraced crypto innovation and received major investments.
