Biden Victory Equals Demise for US Crypto Sector

Charles Hoskinson, the co-founder of Input Output Global (IOG) and the Cardano blockchain platform, believes that re-electing President Joe Biden is a vote for the death of the American crypto industry.

While strongly refuting Ethereum co-founder Vitalik Buterin’s stance on political engagement, Hoskinson advocated for a more aggressive approach to safeguarding the industry while simultaneously emphasizing that the primary goal should be to keep government interference in crypto to a minimum.

Biden’s Presidency Threatens Crypto

In his latest tweet, Hoskinson argued that if politicians understand that actions against the crypto industry, such as promoting central bank digital currencies (CBDCs), suing non-custodial wallets, jailing crypto leaders, and labeling all tokens as securities, result in lost elections, they will be deterred from such behavior.

“Politics is a game of cause and effect. If politicians understand that bullying and harassing our industry translates to lost elections, then suddenly, they avoid doing that. It’s not complex nor should invent massive cognitive hierarchies to excuse one’s personal distaste of particular people.”

The exec called for the crypto community to become a single-issue voting bloc in the 2024 elections, urging them to support pro-crypto candidates and oppose those who contribute to what he sees as the potential demise of the American crypto industry.

Though Hoskinson did not explicitly mention Donald Trump, his tweet comes at a time when the latter has been making waves in the industry. Formerly a critic of cryptocurrencies, calling Bitcoin a scam in 2021, Trump has changed his tune as the 2024 election approaches.

He now speaks favorably of the industry and has made efforts to attract the crypto community. Recently, Trump attended fundraisers with cryptocurrency executives, received substantial Bitcoin donations from the Winklevoss twins, and consulted with Elon Musk on crypto policy, signaling his shift.

Vitalik Buterin’s Take on Pro-Crypto

Buterin recently voiced his concerns, advising voters to be wary of political candidates who claim to support cryptocurrencies without fully understanding the technology’s fundamentals and goals.

He also highlighted the importance of scrutinizing the motivations of pro-crypto politicians and urged voters to ask whether these candidates support crypto for the right reasons and if their vision for technology, politics, and the economy in the 21st century aligns with their own.

The Ethereum co-founder said that there is a need for a positive vision that extends beyond short-term, divisive concerns like opposing rival political factions. If a candidate stands for such a vision, Buterin encourages support and makes it clear why that support is given.

However, if they lack a genuine understanding or constructive outlook, he advised them to either disengage from the political process entirely or seek better forces to align with.