Charles Hoskinson, the CEO of Cardano (ADA), has publicly criticized U.S. Vice President Kamala Harris for her stance on cryptocurrency. Hoskinson asserts that despite the “Crypto for Harris” campaign, the current administration is antagonistic towards the crypto sector, and Harris is unlikely to facilitate a “crypto reset.”
Kamala Harris: A Threat to Crypto?
Hoskinson believes efforts to alter Harris’s views on cryptocurrency have been futile, and the situation has deteriorated. He emphasizes that supporting Harris is equivalent to opposing the American cryptocurrency industry. His remarks followed Tyler Winklevoss’s tweet, which condemned the Federal Reserve’s actions against crypto-friendly banks and questioned the purpose of the “Crypto for Harris” group given the Vice President’s ambiguous stance on crypto.
What Happened in the Zoom Meeting?
These strong criticisms emerged in the wake of a Zoom conference between Democratic Party supporters of the cryptocurrency industry and White House officials. The discussion centered on the SEC’s and the Fed’s repressive attitudes towards American crypto firms. Concurrently, it was revealed that the SEC has filed lawsuits against at least three crypto venture capital firms, casting doubt on Harris’s plans for a crypto “reset.”
Concrete Inferences for Crypto Stakeholders
Several insights emerge from this ongoing conflict:
- Expect increased regulatory scrutiny from the SEC under Gary Gensler’s leadership.
- Legal challenges for crypto companies may escalate, leading to substantial financial penalties.
- Political lobbying efforts by the crypto community face significant hurdles within the current administration.
Crypto stakeholders should prepare for a prolonged period of regulatory uncertainty and potential legal battles.
The SEC’s recent actions have caused alarm within the crypto community. Crypto lawyer MetaLawMan points to SEC Chairman Gary Gensler’s increasingly stringent approach toward all aspects of the industry. Additionally, lawyer Fred Rispoli warned about the SEC’s pattern of subpoenaing all contracts, suggesting that similar lawsuits could arise following the evaluation of Ripple’s XRP sales as unregistered securities, potentially resulting in hefty fines for crypto companies.