Hoskinson left the founding team of Ethereum and focused on developing Cardano, a new blockchain platform aimed at creating social change. Cardano aims to provide use cases that will be particularly beneficial to society. In this context, Hoskinson’s views on the future of cryptocurrencies and the social impact of these technologies are of great importance.

Hoskinson made a post titled “Biden and crypto” on the X platform on May 9. During the broadcast, he accused the Biden administration of trying to destroy the American cryptocurrency industry and said, “Voting for Biden is voting against the industry.” These statements come after Biden recently vetoed a resolution. SEC’s Personnel Accounting Bulletin No. 121 (SAB 121) was being debated in Congress, with a majority hoping to reject the proposal to ease restrictions on banks’ ability to interact with cryptocurrency.

This proposal would require banks to report the digital tokens they hold for their customers on their balance sheets. This could lead to large increases in accounting costs and deter some banks from offering digital assets. However, the rejection is expected to be ineffective, as the Biden administration plans to veto this proposal. Thus, the SEC will be able to continue its work aimed at protecting investors in crypto asset markets and securing the broader financial system. The Biden administration stated that SAB 121 was issued “in response to technological, legal and regulatory risks that inflict significant losses on consumers.”

Hoskinson, however, thinks the SEC has overstepped its authority and defended largely outdated regulations. “To say that the Securities Exchange Act of 1933 was sufficient to regulate assets that emerged 90 years later is an absurd statement,” Hoskinson said. He also stated that countries such as Singapore and Switzerland are much more accepting of crypto, thus attracting large investments and contributing to their economies. “Many companies currently operating in other countries would operate in the United States if our crypto policy were reasonable,” Hoskinson said.

When asked about Trump, he said, “The Trump administration had problems, but largely ignored our industry. The Biden administration is in a coordinated effort to kill crypto.” These statements also reveal the difference in cryptocurrency policies between the Trump administration and the Biden administration. While the Trump administration has taken a relatively indifferent attitude towards cryptocurrencies, the Biden administration appears to have taken a more interventionist approach to this area.

As the November elections approach, the cryptocurrency industry may become an unexpectedly important issue for many voters. It will be interesting how the candidates develop their stances and how voters react. Cryptocurrencies and blockchain technology can play an important role in the future of financial systems and economic policies. Therefore, voters’ attitudes and candidates’ policies on this issue are important.

Hoskinson’s criticisms echo the concerns of many in the cryptocurrency industry. This technology has great potential not only for financial transactions but also for social change and development. Therefore, how cryptocurrency policies will be shaped and how this technology will be regulated is of great importance not only for industry professionals but also for the general public.