“Report Trying to Undermine the Crypto Community”

In the new economic report released from the White House this week, the section on the crypto industry continues to occupy the industry agenda. In the report released by the Biden Administration, cryptoassets were defined as highly speculative and risky assets with no fundamental basis.

Cardano (ADA) founder Charles Hoskinson also harshly criticized the White House’s view on cryptocurrencies. Commenting on the report, Hoskinson said that Biden was trying to “undermine” the crypto community with his annual economic report, while saying that the report may have been designed to blame the crypto industry for the banking crisis they created.

In the report, it was claimed that while it was emphasized that cryptocurrencies failed to fulfill their promises of emergence, they could not make a significant progress in terms of advanced payment systems as the future of finance.

While continuing his criticisms of the report, Charles Hoskinson cited one negative aspect of the traditional system and reacted to the prominence of the report, which described it as a rag implying that cryptocurrencies had no success, while what they did for the world’s poorest 3 billion people in Africa was not seen. On the other hand, Hoskinson also emphasized that such reports can be extremely dangerous. As it is known, he warned that these comments are not the speeches of Biden or Trump and will be a guide for the policies to be followed and the laws to be determined for the future.

Sharing a memory from 2017 while talking about the banking crisis, Charles Hoskinson explained that he wanted to open an account with Credit Suisse while still working for Ethereum in November 2017, but he was not allowed to open an account because crypto assets were considered risky.