US crypto is in a heated battle with the White House. Tensions are rising over Biden’s administrations constant push to impose onerous regulation and crackdowns against digital assets. Charles Hoskinson – the Cardano’s founder – believes this anti crypto stance will cost US President Joe Biden his second term.
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Hoskinson, in a harsh rebuke to the government for harboring terrorists. “systematic effort to hurt the crypto industry,” Citing numerous meetings on policy, dinners and letters, the community tried to promote understanding but in vain. He argues that despite these efforts at engagement, regulators are steadfast with their anti-sector campaign.
“53 million Americans, regardless of their politics and preferences, are being painted as soft criminals,” Hoskinson regrets, saying that the hostile environment in which his peers work has led to some, such as Binance’s ex-CEO Changpeng Zhao being jailed.
Elizabeth Warren Factor
Hoskinson identified Sen. Elizabeth Warren, as being the main driving force of the anti-crypto agenda. He even went so far to suggest that she and Biden had made a secret pact.
Cardano claims Warren’s staunch opposition against digital assets allowed her to influence the Treasury Department. She did this by selecting like-minded people who also share Warren’s distaste of the industry.
Hoskinson says that the perceived alliance led to a government heavily skewed against crypto. A large part of society was effectively labelled as “criminals.” This is a blow to the democracy and not only the film industry.
Crypto As The ‘Kingmaker’
Hoskinson, despite his frustrations offers an intriguing prediction: The crypto industry will become the “kingmaker” In future US elections. According to him, the administration believes that its anti-crypto position is based on the assumption that it will not have any political consequences. Hoskinson, however, is confident that voters will show them to be wrong.
Hoskinson highlights the role of the crypto-industry in influencing the political landscape.
“If this President loses his job and crypto is the decider, no Democrat running in 2028 will be anti-crypto.”
Cardano’s creator envisions an era where all transactions are conducted in a decentralized manner. next The next generation of Congressmen, Senators and Presidents is “crypto natives,” Paving the way to a more progressive and inclusive regulatory environment. The exponential growth of the industry and its increasing influence, he believes, will be a major force in politics.
Cryptocurrency Prices Impacted by This.
As tensions escalate between the Biden Administration and the crypto sector, they have had a significant impact on the wider digital asset market. The investor confidence is shaken leading to volatility and significant price fluctuations in major digital asset markets. cryptocurrencies.
After the recent crackdown, and in light of increased political rhetoric Bitcoin and Ethereum Prices have dropped by more than 20% over the last month.
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The performance of smaller altcoins has been even worse as investors have shied away from riskier assets due to the uncertain regulatory environment.
The industry experts say that the turbulence could continue until either a shift in leadership occurs or that administrations soften their stance towards crypto.
Chart from TradingView, showcasing Sky News’ image
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Source: www.newsbtc.com