The founder of blockchain platform Cardano, Charles Hoskinson, has expressed his belief that the Biden administration is aiming to “kill crypto” based on its regulatory actions against the cryptocurrency industry. Hoskinson criticized the administration’s statement regarding a controversial Securities and Exchange Commission (SEC) bulletin, calling it “noise and garbage.” The statement, released before a House vote on a resolution to revoke the SEC’s Staff Accounting Bulletin 121, expressed strong opposition to the resolution, citing concerns about investor protection. Hoskinson argued that the administration’s claim to veto the resolution disregarded the input of lawmakers and industry experts.
Hoskinson’s remarks on the Biden administration’s regulatory approach have gained attention on social media. He compared the current administration’s engagement with the crypto industry to the previous administration under Donald Trump, stating that while the Trump administration had its issues, it mostly ignored the industry.
Hoskinson’s comments come in the context of increased enforcement actions by the SEC against crypto firms, including the issuance of Wells Notices to companies like Robinhood and Uniswap. Robinhood recently disclosed receiving a Wells Notice related to its crypto operations, prompting support from the digital assets community. The Department of Justice (DOJ) has also been active in its crackdown on crypto, with its latest legal action targeting privacy-focused Bitcoin wallet and mixing service Samourai Wallet. Republican Sen. Cynthia Lummis of Wyoming criticized the Biden administration for what she called a “hyper-aggressive argument” that criminalizes aspects of the Bitcoin network and decentralized finance (DeFi) ecosystem.
The Biden administration’s regulatory actions and their impact on the crypto industry continue to be a subject of debate and scrutiny.