Charles Hoskinson, the founder of Cardano, strongly criticized the Joe Biden administration for its actions that could harm the American cryptocurrency sector. He expressed his concerns over the administration's intention to veto the anti-SAB 121 bill, which could have negative consequences for the industry.

In a recent discussion, Hoskinson highlighted the impact of increased regulatory scrutiny on the crypto market in the United States. He emphasized the significant role of the industry in boosting economies worldwide, citing examples such as Switzerland where Ethereum's development led to the creation of 1,290 businesses with a market capitalization of $380 billion.

Hoskinson pointed out that countries like Singapore, Abu Dhabi, and Dubai have seen the establishment of over 3,000 firms, many of which could have been based in the U.S. if the regulatory environment was more favorable. He criticized the Biden administration's decision to veto the H.J. Resolution 101, which aimed to repeal the SEC's Staff Accounting Bulletin (SAB) 121 rules.

The Cardano founder strongly condemned the administration's actions, warning that supporting Biden in the upcoming election could have detrimental effects on the crypto industry. He accused the administration of attempting to stifle the industry through measures such as restricting bank accounts, enforcement-based regulations, and a lack of clear regulatory guidelines.

Furthermore, Hoskinson criticized the administration for obstructing the legislative process by announcing its intention to veto the anti-SAB 121 bill. He urged stakeholders to consider the implications of their vote on cryptocurrencies and the American crypto industry, emphasizing the potential for job creation within the sector that is currently being realized by other countries due to the unfavorable policies in the U.S.

In response to a user's comment comparing the Trump administration's stance on crypto, Hoskinson refuted the notion that past administrations were as hostile as the current one. He argued that while previous administrations may have had their shortcomings, the Biden administration's actions represent a deliberate effort to undermine the crypto industry.