Cardano founder Charles Hoskinson has accused the Biden administration of intentionally hindering the growth of the crypto industry in the US, urging crypto holders to reconsider their support in the upcoming elections. Hoskinson made these allegations in response to President Biden's announcement to veto a bipartisan resolution, which has sparked controversy within the crypto community.

During a Twitter livestream, Hoskinson referred to the administration's regulatory actions as "Operation Chokepoint 2.0," suggesting a systematic effort to impede the industry's access to vital financial services. The resolution in question, H.J. Res. 109, passed in the US House with a 229-193 vote, urging the Securities and Exchange Commission (SEC) to retract a staff bulletin on digital asset custody accounting. Crypto advocates argue that the SEC's guidelines are overly restrictive and hinder innovation.

Despite bipartisan support for the resolution, the White House announced its intention to veto it, citing the SEC's rules as essential for protecting investors and financial system stability. However, Hoskinson and other industry leaders perceive the administration's stance as hostile toward the growing crypto sector.

Hoskinson warned crypto holders that voting for Joe Biden in November could be detrimental to the American crypto industry, emphasizing the widening gap between crypto enthusiasts and the government's regulatory approach.

As the debate over crypto regulation escalates, former President Donald Trump has sought to appeal to the crypto community by positioning himself as pro-crypto, contrasting his stance with Biden's regulatory measures. The political landscape indicates that crypto regulation will be a significant issue in the upcoming presidential election, reflecting its increasing importance as a new frontier in American innovation and economic competition.