The US crypto industry is engaged in an intense battle against the White House, with tensions reaching a boiling point over the Biden administration’s relentless push for onerous regulations and crackdowns on digital assets. According to Charles Hoskinson, the founder of Cardano, this anti-crypto stance may very well cost US President Joe Biden another term in office.
Related Reading
In a scathing rebuke, Hoskinson accused the administration of harboring a “systematic effort to hurt the crypto industry,” citing numerous policy meetings, private dinners, and open letters where the community has tried in vain to foster understanding. Despite these attempts at engagement, he argues, regulators remain steadfast in their campaign against the sector.
“53 million Americans, regardless of their politics and preferences, are being painted as soft criminals,” Hoskinson laments, warning that this hostile environment has already landed some of his industry peers, including Binance’s former CEO Changpeng Zhao, in jail.
The Elizabeth Warren Factor
Hoskinson has singled out Sen. Elizabeth Warren as the driving force behind the administration’s anti-crypto agenda, going so far as to suggest a clandestine pact between her and Biden.
The Cardano founder claims that Warren, known for her staunch opposition to digital assets, was able to extend her influence into the Treasury Department, handpicking like-minded individuals who share her distaste for the industry.
This perceived alliance, Hoskinson argues, has resulted in an administration that is heavily tilted against crypto, effectively labeling a significant portion of the population as “criminals.” He views this as a devastating blow, not just for the industry but for the democratic process as a whole.
Crypto As The ‘Kingmaker’
Amidst his frustrations, Hoskinson offers a tantalizing prediction: the crypto industry will be the “kingmaker” in future US elections. He asserts that the current administration’s anti-crypto stance is predicated on the belief that there will be no political consequences to its actions. However, Hoskinson is convinced that the voting public will prove them wrong.
Hoskinson declares, underscoring the pivotal role that the crypto industry could play in shaping the political landscape:
“If this President loses his job and crypto is the decider, no Democrat running in 2028 will be anti-crypto.”
The Cardano founder envisions a future where the next generation of Congress members, senators, and presidents are “crypto natives,” paving the way for a more inclusive and progressive regulatory environment. He believes that the industry’s exponential growth and increasing influence will make it a force to be reckoned with in the political arena.
How This Impacts The Price Of Crypto
The escalating tensions between the Biden administration and the crypto industry have had a direct impact on the broader digital asset market. Investor confidence has been shaken, leading to significant volatility and price fluctuations across major cryptocurrencies.
In the wake of the crackdown and the heightened political rhetoric, Bitcoin and Ethereum have seen sharp declines, with prices dropping by over 20% in the past month alone.
Related Reading
Smaller altcoins have fared even worse, as the uncertainty surrounding the regulatory landscape has prompted many investors to steer clear of riskier assets.
Industry experts warn that this turbulence may continue until a clearer path forward emerges, either through a change in political leadership or a softening of the administration’s stance on crypto.
Featured image from Sky News, chart from TradingView
