Adams warned that crypto policies from the SEC and Senator Elizabeth Warren might harm President Joe Biden’s re-election chances.
Hayden Adams, founder and CEO of decentralized exchange Uniswap, has urged the President of the United States, Joe Biden, to reverse the current crypto regulatory policy.
In a recent tweet, Adams emphasized the urgency for President Biden to alter the perception many crypto-focused voters had regarding his administration’s crypto asset policies. He noted that there was “not much time” for such changes.
The Uniswap CEO highlighted a “miscalculation” by the U.S. President, cautioning against assumptions of crypto’s irrelevance in the 2024 elections. He expressed concern over Senator Elizabeth Warren and the U.S. Securities and Exchange Commission (SEC) potentially “waging total war” on the technology.
“Republicans smell blood in the water and are turning hard towards crypto,” said Adams. “Not much time for Biden to save it. Anyone close to him or [Democratic] leadership should be expressing how serious this is and pushing for immediate reversal on his approach to crypto (public support/plan and reigning in sec + warren),” he added.
United States Upcoming Election.
In November, U.S. voters will decide whether to re-elect President Biden for a second term. After assuming office in 2021, he signed an early executive order to establish a regulatory framework for digital assets and nominated Gary Gensler as the SEC Chair.
Furthermore, under Gensler’s leadership, the SEC has intensified enforcement actions against crypto firms offering services or products to U.S. residents, drawing criticism from perceived inconsistency in its approach to crypto assets. The regulator has pending civil cases against Binance, Coinbase, Kraken, and Ripple.
House of Representatives to Nullify SEC Rule.
On May 8, most U.S. House of Representatives members backed a solution to overturn an SEC rule limiting banks’ holdings of crypto. Before the vote, President Biden stated he intended to veto the resolution, keeping the rule intact.
In addition, with the upcoming election, barely under six months, both within and outside the crypto community, have criticized the Biden administration concerning its policies in crypto assets. Some use it as a warning, like Adams, while others express outright criticism.
Congress is advancing legislation to clarify the roles of the SEC and Commodity Futures Trading Commission (CFTC) in regulating crypto.
