Cardano founder, Charles Hoskinson, criticizes the Democrat Committee memo on crypto regulation, urging voters to prioritize the issue in upcoming elections.
In a move that has sent shockwaves through the crypto community, a memo circulated among Democrat Committee members ahead of a crucial hearing on digital asset regulation has sparked debates and drawn criticism from prominent figures.
Renowned entrepreneur and Cardano blockchain founder, Charles Hoskinson, has strongly criticized a memo from the Democrat Committee and urged the citizens of the United States to prioritize the matter as single-issue voters in the next election cycle.
In a tweet over the weekend, Hoskinson expressed that the only way to stop government regulation’s “madness” regarding crypto regulation is to prioritize it at the polls, urging crypto enthusiasts to vote for candidates who support pro-crypto policies.
The Cardano founder believes the Democrat memo is a sign that the government is gearing up to crack down on cryptocurrencies.
Become a single issue voter next cycle. That's the only way to stop this madness https://t.co/i2obAVpP7v
— Charles Hoskinson (@IOHK_Charles) May 14, 2023
Democrat Committee Anti-Crypto Stance
Hoskinson’s call to action comes in response to a memo shared by Eleanor Terrett, a Fox News journalist, revealing a series of “key messages” intended for the Democratic committee members, outlining their stance on crypto regulation.
According to the document, the notice urged the Democrat Committee members to rally behind the Securities and Exchange Commission (SEC) and its claim of total authority over crypto regulation. It further stated that most cryptocurrencies should be classified as securities and emphasized the prevailing issue in the crypto space as mass non-compliance rather than ambiguity.
Furthermore, the notice also took a swipe at Republican committee members who advocated for budget cuts to financial regulators. It suggested that such Republicans were not genuinely interested in safeguarding investor interests. It recommended they focus on passing a clean debt ceiling bill rather than supporting pro-crypto legislation.
The revelations in the memo have sparked a strong engagement from the crypto community, generating over 900k reactions, with industry leaders and experts expressing their concerns over the proposed direction of regulation.
?SCOOP: Prior to today's @FinancialCmte/@HouseAgGOP hearing on digital asset regulation, a memo was circulated among Democrat Committee members.
It contained "key messages" for the @FSCDems to stick to including supporting the @SECGov's total authority over crypto regulation,… pic.twitter.com/AabSfwquaw
— Eleanor Terrett (@EleanorTerrett) May 10, 2023
Democrat Senator Supports Crypto
Last year, Democratic Senator Ron Wyden voiced his support for safeguarding the crypto industry, underscoring cryptocurrencies’ advantages, particularly in facilitating remittances and streamlining settlements. He drew a parallel between the crypto sector and the early stages of the internet, emphasizing the necessity of legal protections akin to Section 230 of the Communications Decency Act.
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