‘Just a Bunch of Noise and Garbage’: Cardano Creator Blasts Biden's Stance on Planned Repeal of SEC Custody Law

The creator of smart contract platform Cardano (ADA) is calling out President Joe Biden’s stance on a planned resolution that would enfeeble the U.S. Securities and Exchange Commission (SEC).

In a new video update, Charles Hoskinson tells his 315,000 YouTube subscribers that Biden saying he would veto H.J. Resolution 109 if passed is “just a bunch of noise and garbage.”

“Blah blah blah just a bunch of noise and garbage. It’s one thing to have regulation by enforcement, it’s another thing to say that when the legislative branch comes together, talks to everybody, and comes up with proposals for how we as a nation can innovate and move forward, that you’ll just veto it.”

Earlier this week, the Biden Administration sent out a memo saying that the passage of HJ Resolution 109 would disrupt the SEC from being able to protect investors within the crypto markets as it would invalidate SAB 121, which provides regulations for entities holding digital assets on behalf of others.

In the statement, the Biden Administration said he would veto H.J. Resolution 109 if passed.

“H.J. Resolution 109 would invalidate SEC Staff Accounting Bulletin 121 (SAB 121), which reflects considered SEC staff views regarding the accounting obligations of certain firms that safeguard crypto assets…

Limiting the SEC’s ability to maintain a comprehensive and effective financial regulatory framework for crypto-assets would introduce substantial financial instability and market uncertainty. If the President were presented with H.J. Res. 109, he would veto it.”

H.J. Resolution 109 is a bipartisan resolution proposed in February and sponsored by Nebraska Representative Mike Flood.