- The crypto industry is currently at odds with the Biden administration over a non-binding resolution passed in the U.S. House.
- Charles Hoskinson, creator of Cardano, accuses the administration of a coordinated effort to kill crypto.
- Many in the crypto community believe former president Donald Trump would be a better option for the industry.
Amidst a heated battle over a non-binding resolution, the crypto industry finds itself pitted against the Biden administration. This article explores the ongoing dispute and its potential implications for the future of crypto in the U.S.
Biden Administration Accused of Killing Crypto
Charles Hoskinson, the creator of Cardano, has accused the Biden administration of a coordinated effort to kill crypto. This comes after the White House announced that U.S. President Joe Biden would veto resolution H.J. Res. 109. This resolution, which won a bipartisan vote of 229-193, demanded that the Securities and Exchange Commission (SEC) retract a staff bulletin on digital asset custody accounting. Hoskinson has labelled this move as the latest in what he calls “Operation Chokepoint 2.0.”
Implications for the Crypto Industry
Many in the crypto community believe that the Biden administration’s stance could have severe repercussions for the industry. They argue that the resolution is crucial for American innovation in the digital asset space. The White House, however, contends that the resolution would undermine the SEC’s efforts to protect investors in crypto markets and safeguard the broader financial system.
Trump as the Better Option?
Given the current administration’s stance, many crypto enthusiasts are looking to former president Donald Trump as a better option for the industry. Despite his previous criticisms of Bitcoin and other cryptocurrencies, Trump has recently expressed support for the crypto industry, stating that it is moving out of the U.S. due to hostility.
Conclusion
The ongoing dispute between the crypto industry and the Biden administration underscores the tension between regulatory efforts and innovation in the digital asset space. As the 2024 elections approach, the crypto community’s vote could play a pivotal role in shaping the future of the industry in the U.S.
