Hoskinson and Winklevoss Criticize Biden’s Administration Tough Stance on Cryptocurrency Amid Harris Campaign

• Cardano’s Charles Hoskinson criticizes the White House’s approach, saying there’s no “crypto reset” despite the Harris campaign.
• Tyler Winklevoss questions the “Crypto for Harris” group, noting the Vice President hasn’t disclosed her stance on crypto.
• The SEC’s crackdown on crypto firms contradicts Harris’ alleged pro-crypto plans, raising concerns within the industry.

Charles Hoskinson, the CEO of Cardano, has openly criticized the trajectory of the White House in relations with cryptocurrency. Other prominent names in the crypto market remain skeptical about the Biden administration’s position in relation to digital assets. Hoskinson stressed that the situation doesn’t seem to be improving as the Harris camp had stated, citing a “crypto reset” as the explanation.

Winklevoss and the Fed’s Actions

In response to a tweet from Gemini co-founder Tyler Winklevoss, Hoskinson criticized the Federal Reserve’s recent actions against banks that take cryptocurrency. Winklevoss further questioned the creation of the “Crypto for Harris” organization, pointing out that Vice President Harris had not yet made her position on cryptocurrencies clear.

Furthermore, it appears from the Federal Reserve’s actions that Operation Choke Point 2.0, a concerted attempt to target companies involved in the cryptocurrency industry, is still active. It has been reported that the US Securities and Exchange Commission (SEC) has extended its investigation into the cryptocurrency industry.

The SEC’s Escalating Scrutiny

At least three cryptocurrency venture capital firms have reportedly received subpoenas from the SEC as part of its continuing investigation into possible violations of federal securities laws. This investigation appears to contradict Harris’ alleged plans for a “crypto reset,” further deepening concerns within the industry.

In his comments, cryptocurrency attorney MetaLawMan implied that SEC Chair Gary Gensler is intensifying his attempts to control the industry. He exhorted the cryptocurrency community to acknowledge the mounting regulatory pressure and adjust its actions accordingly. 

Meanwhile, attorney Fred Rispoli highlighted the SEC’s pattern of targeting crypto firms by subpoenaing their contracts. He drew parallels to the Ripple case, where XRP sales contracts were deemed unregistered securities transactions, leading to a significant legal battle.

Hoskinson’s comments, along with Winklevoss’s critique, are indicative of the rising dissatisfaction among the cryptocurrency community with the current administration. The industry has struggled to find a clear and supportive regulatory framework in the US, which is highlighted by the continuous regulatory problems.

The connection between the White House and the cryptocurrency business appears to be tense despite attempts by some Democratic Party members to project a pro-crypto image.