There has been no lack of animosity between the Democratic Party and its Biden Administration and the cryptocurrency industry over its apparent lack of timely action against bad actors such as FTX and over the subsequent regulatory crackdown, which is generally viewed as overly harsh and unfair.
Given the history, it comes as no surprise that the new Democratic candidate, Vice President Kamala Harris is not a favorite of the community and Charles Hoskinson, the founder of Cardano (ADA) went so far as to claim that her victory would spell doom for digital assets in the U.S.
Hoskinson decries ‘death of U.S. crypto industry’ should Harris take the Oval Office
In a lengthy X post mode shortly after RFK Jr. endorsed Trump in battleground states – effectively making a partial withdrawal as he remains on the ballot in uncontested ones – Hoskinson painted a dark picture of America’s future should Biden’s VP win the race.
Picks for you
According to the founder, another Democratic administration would lead to ‘a bleak and dystopian America with state sponsored censorship, mega corporations running all US policy, the death of the American cryptocurrency industry, and endless wars.’
Hoskinson also urged his followers to vote for Trump if they live in a battleground state, stating that it is certain that Kennedy would have a role in a Republican White House.
It’s clear that if Trump wins, Kennedy will be part of his administration, we will get justice for the egregious covid policy, and the United States will be pro crypto. I truly hope we get to see that day.
Simultaneously, the Cardano founder made it clear that RFK Jr. remains his favorite and that he views Trump as a lesser evil and not a solution for the country’s issues. Indeed, he went as far as to express his lack of faith in the ability of any presidential election to stop ‘the horrors that await.’
He instead stated that he believes that a solution lies in ‘a constitutional convention.’
Hoskinson’s Philippic against the Democratic Party
Finally, Hoskinson not only lambasted the Democratic party for being ‘undemocratic’ and enabling ‘corporate control of America’ but there was also a messianic element to the post since the founder opined that ‘this decade will decide where humanity goes.’
Though not all will agree with Hoskinson’s endorsement, there is little doubt that Harris is unpopular with the crypto community.
Why the crypto community opposes Harris
The Democratic Party and the Biden administration have been actively targeting various actors within the industry, including Binance, Coinbase (NASDAQ: COIN), Kraken, and many others.
Biden’s proposed plan – a plan Harris is likely to attempt to see passed – would also raise capital gains taxes on stocks and cryptocurrencies and would remove some of the protections and benefits associated with crypto market activities.
Additionally, though the Vice President has made her hopes for reconciliation with the industry known, many remain skeptical due to the Democratic party’s historical approach and a stark lack of details.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
