Charles Hoskinson, founder of Cardano and CEO of IOG, has criticized President Joe Biden, claiming that he is making a concerted effort to destroy the cryptocurrency industry in the United States.

Bitcoin ($BTC ), Ether ($ETH ), Ripple's $XRP , Cardano's ADA, Solana (SOL), and other cryptocurrencies have once again captured attention amid fears that the Biden administration wants to do away with cryptocurrencies.

"The Biden administration has initiated a coordinated effort to end cryptocurrencies," Charles Hoskinson stated on X.

Hoskinson pointed out that over the past few years, the U.S. government has "damaged the cryptocurrency industry in every possible way," citing limited access to bank accounts, regulation policy through enforcement of Securities and Exchange Commission (SEC) rules, and most recently, the White House's "obstruction" of the legislative process.

In a statement from May 8, President Biden promised to veto H.J. Res. 109, which demanded that the SEC withdraw its anti-cryptocurrency banking policies. Notably, the resolution was passed with a bipartisan vote of 229-193, declaring that the SEC's arguments were hindering innovation in the cryptocurrency asset space.

The White House claimed that overturning Staff Accounting Bulletin (SAB) 121 would prevent the SEC from being able to "protect investors in the cryptocurrency markets and safeguard the broader financial system." However, cryptocurrency experts do not see it that way, with many believing that Biden's political rival, Donald Trump, would be a more suitable choice in the November elections.

"This November, if you vote for Joe Biden as a cryptocurrency holder, please understand that this administration's intention is to destroy the American cryptocurrency industry," Hoskinson suggested. "Understand this. It's absolutely clear."

A member of the crypto community on X refuted the Cardano creator's claims against Biden, observing that the previous Trump regime was also not exactly open to cryptocurrencies.