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.