Charles Hoskinson, the founder of Cardano, has launched a scathing attack on President Joe Biden, accusing his administration of actively seeking to dismantle the cryptocurrency industry in the United States. In a video shared on X, Hoskinson vehemently criticized the White House's approach to crypto regulation, portraying it as detrimental to the industry's growth and innovation.

Hoskinson's assertions are rooted in what he perceives as a series of deliberate actions by the Biden administration to impede the progress of the American cryptocurrency sector. He cited instances where government policies have allegedly hindered crypto businesses, including restricted access to banking services and the Securities and Exchange Commission's (SEC) enforcement-centric regulatory stance. According to Hoskinson, the recent opposition from the White House to legislative efforts aimed at overturning SEC guidelines further underscores the administration's hostile stance towards crypto.

The Cardano founder's criticism intensified following the White House's declaration of strong opposition to resolutions seeking to nullify SEC guidelines discouraging banks from holding crypto assets in custody. Hoskinson asserted that President Biden's stance represents a direct threat to the American cryptocurrency industry, framing a vote for Biden as a vote against crypto innovation.

Hoskinson also took aim at the SEC, condemning its reliance on outdated legislation to regulate new and emerging asset classes like cryptocurrencies. He argued that applying laws passed nearly a century ago to regulate modern digital assets is fundamentally flawed and stifles innovation in the industry.

In contrast to the perceived hostility from the Biden administration, Hoskinson highlighted jurisdictions like Switzerland, Singapore, and Dubai, which have embraced crypto companies and reaped significant investment as a result. He lamented that the United States, with its stringent regulatory environment, risks losing out on attracting these firms and the economic benefits they bring.

Despite pushback suggesting that the previous Trump administration also lacked crypto-friendly policies, Hoskinson doubled down on his criticism of the Biden administration, asserting that it has actively sought to undermine the crypto industry. He pointed to recent efforts by the Biden administration to target the American Bitcoin mining industry as further evidence of its anti-crypto stance.

In summary, Hoskinson's remarks reflect a growing sense of frustration within the crypto community regarding the regulatory environment in the United States under the Biden administration. As the industry continues to grapple with uncertainty and regulatory scrutiny, voices like Hoskinson's serve as a reminder of the ongoing tensions between crypto innovators and government regulators.