Author: Martin Young, CoinTelegraph; Translated by: Wuzhu, Golden Finance

Cardano founder Charles Hoskinson has slammed US President Joe Biden, claiming that he is working to kill the cryptocurrency industry in the country.

In a video posted to X on May 9, Hoskinson said the Biden administration is doing its best to “destroy the American cryptocurrency industry.”

He said that over the past few years, the U.S. government has “hurt the (cryptocurrency) industry in every way possible,” citing restrictions on bank account access, the SEC’s enforcement and regulatory policies, and more recently, the White House’s “obstruction” of legislation.

“A vote for Biden is a vote against the American cryptocurrency industry.”

Hoksinson's comments came after President Biden's office released a statement saying he would veto legislation aimed at overturning U.S. Securities and Exchange Commission guidelines that prevent banks from custodying crypto assets.

On May 8, the White House expressed its "strong opposition" to a joint resolution subsequently passed by House lawmakers to overturn SAB 121.

The White House claims that repealing SAB 121 would hinder the SEC’s ability to “protect investors in crypto asset markets and the broader financial system.”

Source: Charles Hoskinson

Additionally, Hoskinson slammed the SEC for utilizing outdated legislation, which he said should not apply to emerging asset classes.

“It’s absurd to say that the Securities Exchange Act, which was passed in 1933, is sufficient to regulate assets 90 years later.”

He cited Switzerland, Singapore and Dubai as jurisdictions that have welcomed crypto companies and received multimillion-dollar investment cases from 3,000 companies “that would have probably incorporated in the U.S. if our crypto policies were sensible.”

One user on Twitter refuted Hoskinson’s claims against Biden, saying that the previous Trump administration was also not fully open to cryptocurrencies.

Hoskinson responded without mincing words, saying that this stance was "completely wrong".

“The [Trump] administration had its own problems but mostly ignored our industry. The Biden administration has taken a coordinated action to stamp out crypto.”