Hayden Adams, the founder and CEO of decentralized exchange Uniswap, has urged President Joe Biden to consider the views of crypto-focused voters when they go to the polls in November. Adams believes that there is limited time for President Biden to change the perception of his administration’s stance on digital assets, as many crypto enthusiasts feel that the current policies are unfavorable. He argues that President Biden is underestimating the importance of crypto in the 2024 elections and allowing Senator Elizabeth Warren and the U.S. Securities and Exchange Commission to wage a full-scale attack on the technology. Adams highlights that Republicans are capitalizing on this opportunity and are rallying behind crypto, so immediate action is needed to save it. He calls on those close to President Biden and the Democratic leadership to recognize the seriousness of the situation and push for a reversal of the current approach to crypto.
In November, U.S. voters will have the opportunity to decide whether President Biden should serve a second term. Since taking office, he has implemented a regulatory framework for digital assets through an executive order and appointed Gary Gensler as the SEC chair. Gensler’s tenure has seen an increase in enforcement actions against crypto firms offering services to U.S. residents, leading to criticism of the SEC for its inconsistent approach to digital assets. Several prominent crypto companies, including Kraken, Coinbase, Ripple, and Binance, face civil cases filed by the regulator.
Recently, the U.S. House of Representatives voted in favor of a resolution to overturn an SEC rule that imposes restrictions on banks holding customers’ crypto. However, President Biden stated his intention to veto the resolution, thereby maintaining the SEC’s Special Accounting Bulletin 121. With less than six months until the U.S. election, many individuals within and outside the crypto community have voiced their concerns about the Biden administration’s policies on digital assets. Some, like Hayden Adams, have warned about the potential consequences, while others have criticized the administration. Congress members are also moving forward with legislation to clarify the roles of the SEC and the Commodity Futures Trading Commission in regulating crypto.
Opinion: The GOP’s strong support for crypto is almost as concerning as the Democrats’ anti-crypto stance.