Biden’s Hostile Crypto Stance Could Alienate 53 Million Voters, Warns Cardano Founder

The ongoing debate regarding the future of cryptocurrency in the United States has taken a critical turn, as evidenced by insights from Charles Hoskinson, the founder of Cardano. As per a recent video on YouTube by Altcoin Daily, according to Antipas, Trump’s stance on crypto during his presidency was mostly ambivalent, lacking clear support or opposition. However, the Biden administration has taken a more aggressive approach, which Antipas describes as a systematic war against cryptocurrency.

Under Biden’s administration, major crypto exchanges and projects have faced regulatory scrutiny, with several receiving Wells notices. Charles Hoskinson emphasizes that Biden’s crypto policy is heavily influenced by Elizabeth Warren, who has appointed individuals in the Treasury Department aiming to suppress the crypto industry in the US.

Charles Hoskinson warns that Biden’s actions could have significant political repercussions. With 53 million Americans owning cryptocurrency, the administration’s hostile approach might alienate a substantial voter base. Hoskinson believes that this could be a deciding factor in an election potentially influenced by a margin as small as 3%. Furthermore, he highlights his meeting with Robert Kennedy, noting Kennedy’s strong political legacy and genuine interest in crypto issues, suggesting he could be a more favorable candidate for the crypto industry.

 Hoskinson, is vehemently opposed to the Biden administration’s regulatory tactics, labeling them as a “death sentence” for the American crypto industry. He criticizes the administration for focusing on enforcement rather than fostering a compliant and thriving crypto environment. According to Charles Hoskinson, a more crypto-friendly regulatory climate in the US could have attracted trillions of dollars in value and generated hundreds of thousands of jobs. He urges voters to consider the long-term economic impact of their choices and to support pro-crypto candidates at every level to avoid potential economic collapse.

Cardano/USD 1-day price chart, Source: Trading view

As of press time, Cardano is trading at $0.373954, with a 24-hour trading volume of $237,482,951, marking a 3.72% decline. The 1-week Relative Strength Index (RSI) for Cardano reads 36.79, indicating possible oversold conditions, though further confirmation is needed. Additionally, the 1-week Moving Average Convergence Divergence (MACD) is trading below the signal line, suggesting short-term bearish momentum.