The founder of Cardano, a smart contract platform, is criticizing President Joe Biden’s position on a proposed resolution that would weaken the U.S. Securities and Exchange Commission (SEC).
In a recent video update, Charles Hoskinson, who has a following of 315,000 subscribers on YouTube, dismisses Biden’s statement that he would veto H.J. Resolution 109 if it were passed, calling it “just a bunch of noise and garbage.”
Hoskinson argues that while regulation by enforcement is one thing, it is another to reject proposals that come from the legislative branch, which aims to promote innovation and progress for the nation.
Earlier this week, the Biden Administration issued a memo stating that the passage of H.J. Resolution 109 would disrupt the SEC’s ability to protect investors in the crypto markets, as it would nullify SAB 121, which provides regulations for entities holding digital assets on behalf of others.
The Biden Administration emphasized that if H.J. Resolution 109 were presented to the President, he would veto it, as it would limit the SEC’s ability to maintain a comprehensive and effective financial regulatory framework for crypto-assets, leading to financial instability and market uncertainty.
H.J. Resolution 109, a bipartisan resolution introduced in February, is sponsored by Nebraska Representative Mike Flood.
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