Biden’s victory equals the demise of the US crypto sector

Charles Hoskinson, the co-founder of Input Output Global (IOG) and blockchain platform Cardano, 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 compromise, Hoskinson argued for a more aggressive approach to safeguarding the industry while stressing that the main goal should be to keep government interference in cryptography at 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 values, result in lost elections. , they will be deterred from this behavior.

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

The executive called for the crypto community to become a single-issue voting bloc in the 2024 election, urging them to support pro-crypto candidates and oppose those who contribute to what consider the possible demise of the American crypto industry.

While Hoskinson didn’t explicitly mention Donald Trump, his tweet comes at a time when the latter has been making waves in the industry. Previously critical of cryptocurrencies, calling Bitcoin a scam in 2021, Trump has changed his tune as the 2024 election nears.

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

Vitalik Buterin’s take on Pro-Crypto

Buterin recently expressed his concerns and advised voters to be wary of political candidates who claim to support cryptocurrencies without fully understanding the fundamentals and goals of the technology.

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

The Ethereum co-founder said a positive vision is needed that goes beyond short-term divisive concerns like opposing rival political factions. If a candidate advocates this view, Buterin encourages support and makes it clear why that support is being given.

However, if they do not have a genuine understanding or a constructive vision, he advised them to disengage completely from the political process or seek better forces to align themselves with.

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