The Crypto Reader and Biden Administration Dispute
The creator of Cardano (ADA) criticizes President Biden’s position on a proposed resolution targeting the U.S. Securities and Exchange Commission (SEC).
Creator’s Critique of Biden’s Stance
- Charles Hoskinson expresses disappointment in Biden’s vow to veto H.J. Resolution 109, calling it “noise and garbage.”
- Hoskinson emphasizes the importance of legislative input in shaping regulations for national innovation.
Biden Administration’s Response
- A recent memo from the Biden Administration highlights concerns that passing HJ Resolution 109 would hamper the SEC’s ability to safeguard crypto investors.
- The memo argues that invalidating SAB 121, a regulation for entities holding digital assets, could introduce financial instability.
About H.J. Resolution 109
- H.J. Resolution 109, backed by Rep. Mike Flood, aims to address accounting obligations for firms safeguarding crypto assets.
“Just a Bunch of Noise and Garbage”: Cardano Creator Disapproves of Biden’s Rejection of SEC Custody Law Repeal
Hot Take: Impact on Crypto Markets
The clash between the creator of Cardano and the Biden Administration over H.J. Resolution 109 underscores the ongoing debate around regulatory frameworks for crypto assets.
Sources:
[1] Charles Hoskinson’s Video Update
[2] Biden Administration’s Memo
[3] H.J. Resolution 109 Details
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