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Cardano Founder Criticizes President Biden’s Stance on SEC Resolution

Cardano Founder Criticizes President Biden’s Stance on SEC Resolution

Charles Hoskinson, the creator of Cardano (ADA), has voiced his disapproval of President Joe Biden's position on a proposed resolution aimed at weakening the U.S. Securities and Exchange Commission (SEC).

In a recent video update to his YouTube followers, Hoskinson dismissed Biden’s statement that he would veto H.J. Resolution 109 if passed as “just a bunch of noise and garbage.” He argued that it is counterproductive to dismiss legislative proposals aimed at fostering innovation and progress.

The Biden Administration recently issued a memo expressing concerns that the passage of H.J. Resolution 109 would hinder the SEC’s ability to safeguard investors in the crypto markets by invalidating SAB 121, a regulation governing entities holding digital assets on behalf of others.

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The memo stated that Biden would veto H.J. Resolution 109 if it were to pass, emphasizing the importance of maintaining a comprehensive regulatory framework for crypto-assets to avoid financial instability and market uncertainty.

H.J. Resolution 109, a bipartisan resolution introduced in February and sponsored by Nebraska Representative Mike Flood, aims to address regulatory concerns surrounding crypto-assets.

Alexander Stefanov

Reporter at CoinsPress

Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.

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