Charles Hoskinson, the co-founder of Input Output Global (IOG) and the Cardano blockchain, lashed out at the current Biden-Harris administration’s hostility toward the crypto industry in the United States while warning that voting for Kamala Harris in the upcoming presidential November election would further hurt the burgeoning sector.
Harris’ Presidency Threatens Crypto
In a recent post on X, Cardano creator Charles Hoskinson observed that the current Biden administration has adopted a tough stance toward the crypto industry over the past few years.
Hoskinson believes the Biden-Harris administration is actively working against the crypto industry, with no signs of improvement or a “reset” in their strategy. He warns that voting for Kamala Harris would be detrimental to the American crypto industry, implying that she would continue this perceived “war on crypto.”
Hoskinson’s comments came after the US Federal Reserve’s recent enforcement action against the crypto-friendly Customers Bank, which crypto watchers believe is a huge overreach and could suppress innovation in the cryptocurrency sector.
Crypto Banking Clampdown
Hoskinson was responding to Gemini co-founder Tyler Winklevoss, who asserted that the so-called Operation Choke Point 2.0 is still in full swing. In a 13-page enforcement action against Customers Bank, the Federal Reserve orders it to send a 30-day advance notice before forming any new banking relationship with a crypto company.
Winklevoss emphasized the wider implications of the enforcement action, noting that Customers Bank is one of the few remaining crypto-friendly banks in the United States. He said that the Fed is now controlling access to banking services for crypto companies, effectively deciding who can and cannot create a bank account — therefore restricting their ability to operate. In his view, if Harris wins, the number of crypto companies that receive approvals could be next to zero, if not zero.
“And make no mistake, this enforcement action is the Fed playing nice with Nerf guns. It’s just the table setting. Not even the appetizer. The Fed is on its best behavior at the moment because the election is around the corner. If Harris wins in November, the gloves will come off,” Winklevoss postulated.
Before incumbent Joe Biden dropped out of the 2024 Presidential race, Winklevoss and Hoskinson had warned that re-electing Biden would destroy the American crypto sector.
Meanwhile, former President Donald Trump has made repeated statements in support of crypto on the campaign trail. Trump recently floated the idea of using a small amount of Bitcoin to pay off the US government’s enormous $35 trillion national debt. And at the Bitcoin Nashville Conference, the Republican candidate was met with roaring applause when he declared that he would “fire Gary Gensler” if he retakes the White House, ending an “anti-crypto crusade.”
