Cardano founder and IOHK CEO Charles Hoskinson recently expressed his grave concerns about the provisions of bills discouraging the growth and development of the cryptocurrency industry. He pointed out a bill called the America COMPETES Act recently. The Act grants the Secretary of Treasury to limit or ban any crypto transaction without any accountability.
Hoskinson further explained that the Secretary of Treasury does not need to offer any public explanation or call for public feedback on the matter. He or she will have the unilateral power to hold the cryptocurrency transactions for 120 days without offering any plausible cause to the public. It means that the cryptocurrency exchange platforms are also under its scope of jurisdiction.
Charles Hoskinson recently claimed that he was very angry at the prospect of the autocratic stance of the government on the matter of cryptocurrencies. He pointed out that Congressman Jim Himes has played an important role in adding the said provisions into the Bill once again this year. Last year, the harmful provisions were removed from the Defense Authorization Act.
He claimed that the people with any type of cryptocurrency investment like Bitcoin, Ethereum, NFT, Solana, or any other digital asset need to understand that these new policies are going to affect them all. He further exclaimed that the current financial and banking system is attempting to hoard its monopoly on the monetary system and sabotage the crypto market.
The founder of Cardano blockchain recently claimed that the policies of the government are not as encouraging towards the crypto industry as they are made out to be. He further claimed that the current regulatory framework attempt of the state agencies is not in favor of cryptocurrency growth and development.
Last year, the Biden administration passed the infrastructure bill that created a problematic legal definition of a cryptocurrency broker, including the technicians like developers and miners in the mix. Furthermore, by the decree of the infrastructure bill, every digital investor is obligated to report any transactions greater than $10K to the IRS.