Biden-Harris vs. Crypto: Is a Major Crackdown Coming?
Charles Hoskinson, CEO of Cardano, has criticized the Biden-Harris administration for its aggressive stance against the cryptocurrency industry. His comments follow recent actions by the U.S. Securities and Exchange Commission (SEC), which has issued subpoenas to several crypto venture capital firms this year. This development raises concerns about the administration’s position on digital assets.
No “Crypto Reset” in Sight
Hoskinson argues that despite attempts by the Harris camp to present a more favorable image towards crypto, there has been no significant shift in policy. He claims the situation has actually worsened. According to Hoskinson, supporting Vice President Kamala Harris would be detrimental to the American crypto industry.
In a recent tweet, Hoskinson suggested that the Biden-Harris administration is engaged in a “war on crypto” and criticized the notion of a “crypto reset.”
Winklevoss Questions the “Crypto for Harris” Campaign
Tyler Winklevoss, a prominent figure in the crypto community, has questioned the effectiveness of the “Crypto for Harris” campaign. Despite the campaign’s efforts, Winklevoss points out that Vice President Harris has not clearly articulated her stance on cryptocurrency. He questioned the purpose of promoting her as a crypto ally when her position remains unclear.
Winklevoss highlighted a Zoom meeting where Democratic supporters within the crypto space expressed frustration over recent SEC and Federal Reserve actions that they believe harm American crypto firms.
SEC’s Recent Subpoenas and Industry Reactions
Recent reports indicate that the SEC has subpoenaed at least three crypto venture capital firms. The subpoenas, issued under the title “in the matter of certain crypto asset offering intermediaries,” reflect an investigation into potential violations of federal securities laws. This move appears to contradict the Harris camp’s claims of a crypto-friendly reset.
Crypto lawyer MetaLawMan criticized the SEC’s actions, suggesting that SEC Chairman Gary Gensler is intensifying scrutiny of the crypto industry. He called for greater awareness among policymakers about the regulatory pressures facing the industry.
Attorney Fred Rispoli noted that the SEC often issues broad subpoenas and lawsuits, comparing the current situation to previous cases like Ripple’s XRP, where the SEC pursued significant fines for alleged violations.
As tensions between the crypto industry and the Biden-Harris administration continue to escalate, figures like Charles Hoskinson and Tyler Winklevoss remain vocal about their concerns. With ongoing regulatory actions and unclear support from political leaders, the future of cryptocurrency regulation in the U.S. remains uncertain.
