Hayden Adams, the founder and CEO of decentralized exchange Uniswap, has issued a stark warning to United States President Joe Biden, urging him to reconsider his administration’s approach to cryptocurrency policies.
In a recent post on social media platform X, Adams suggested that the President’s current stance on digital assets could jeopardize his chances for re-election in the November 2024 polls.
TLDR
- Uniswap CEO Hayden Adams warned that President Joe Biden’s crypto policies could hurt his chances for re-election in November 2024.
- Adams criticized Biden for allowing Senator Elizabeth Warren and the SEC to “wage total war” on crypto, suggesting that the President is making a “miscalculation” by assuming crypto will be irrelevant in the upcoming elections.
- The Uniswap founder noted that Republican candidates are gaining attention for their support of the crypto industry, with some experts predicting that crypto voters could influence the election outcome.
- Since taking office, Biden has taken a hardline stance against the crypto sector, signing an executive order in 2022 and allowing the SEC to ramp up enforcement actions against crypto firms.
According to Adams, President Biden is making a “miscalculation” by assuming that crypto will be irrelevant in the upcoming elections.
The Uniswap CEO criticized the President for allowing Senator Elizabeth Warren and the U.S. Securities and Exchange Commission (SEC) to “wage total war” on the technology, potentially alienating a significant portion of the electorate.
Hillary campaigning in red states states instead of swing states level miscalculation from Biden camp thinking crypto will be irrelevant in 2024 election and letting SEC + Warren wage total war – both in terms of voters and money
Republicans smell blood in the water and are…
— hayden.eth ???? (@haydenzadams) May 13, 2024
“Republicans smell blood in the water and are turning hard towards crypto,”
Adams wrote, emphasizing the growing support for the industry among Republican candidates.
He urged anyone close to President Biden or within the Democratic leadership to express the seriousness of the situation and push for an immediate reversal of the administration’s approach to crypto.
Since taking office in 2021, President Biden has taken a hardline stance against the crypto sector.
He signed an executive order in 2022 that referenced the Terra crash and a “wave of insolvencies” as reasons to “harness” crypto potential responsibly.
Under the leadership of SEC Chair Gary Gensler, the commission has ramped up enforcement actions against crypto firms offering services or products to U.S. residents, resulting in widespread criticism for its seemingly inconsistent approach to digital assets.
As the November elections draw closer, many experts have predicted that crypto voters could play a significant role in determining the outcome.
Mark Cuban, a billionaire investor and crypto evangelist, has also criticized President Biden’s crypto stance, pointing to the SEC’s aggressive crackdown and lawsuits against major crypto firms as a potential liability to his re-election bid.
If @joebiden loses, there is a good chance you will be able to thank @GaryGensler and the @NewYork_SEC
Crypto is a mainstay with younger and independent voters. Gensler HAS NOT PROTECTED A SINGLE INVESTOR AGAINST FRAUDAll he has done is make it nearly impossible for… https://t.co/uBKupxLhS9
— Mark Cuban (@mcuban) May 10, 2024
Meanwhile, Republican candidates have been actively wooing members of the crypto community.
Former U.S. President and current Republican presidential candidate Donald Trump has expressed support for crypto, criticizing Biden for his skeptical views and accusing him of being uninformed about the technology.
Adams’ warning comes at a crucial time for both the crypto industry and the U.S. political landscape.
With an estimated 40% of U.S. adults owning cryptocurrencies, the growing influence of digital assets cannot be ignored.
Imagine risking losing control of the most powerful nation in human history
To let a rogue regulator try to outlaw “internet money,” which 40% of the adults in your country already owns
And the regulator is going to lose in court anyway
We’re in the dumbest timeline https://t.co/WvoGXpaz9M
— hayden.eth ???? (@haydenzadams) May 11, 2024
