Hoskinson accuses Biden administration of 'coordinated effort to crack down on cryptocurrencies'
Their accusations come in response to President Joe Biden's announcement to veto a bipartisan resolution that has sparked controversy within the crypto community.
Cardano founder Charles Hoskinson accused Joe Biden's administration of a deliberate attempt to stifle the growth of the cryptocurrency industry in the US and urged cryptocurrency holders to reconsider their votes in the upcoming election of this year.
Their accusations come in response to President Joe Biden's announcement to veto a bipartisan resolution that has sparked controversy within the crypto community.
"The Biden administration has engaged in a coordinated effort to crack down on cryptocurrencies," Hoskinson said during a livestream on Twitter. He called the administration's regulatory actions âOperation Chokepoint 2.0,â implying a systematic effort to block the industry's access to essential financial services.
The resolution, HJ Res. 109, which passed by a vote of 229 to 193 in the U.S. House of Representatives, calls on the Securities and Exchange Commission (SEC) to withdraw a staff bulletin on accounting of the custody of digital assets. Cryptocurrency advocates argue that the SEC's guidelines are too restrictive and hinder innovation.
Despite bipartisan support for the resolution, the White House announced it would veto it even if it passes, saying the SEC's rules are crucial to protecting investors and maintaining the stability of the financial system.
However, Hoskinson and other industry leaders see the administration's stance as antagonistic toward the burgeoning crypto sector.
