NAIROBI (Coinchapter.com) – Hayden Adams, the founder and CEO of decentralized crypto exchange Uniswap, has sounded an alarm for the Biden administration. In a recent X post, Adams warned President Joe Biden to reverse course on crypto policies, emphasizing the potential impact on the upcoming 2024 presidential election.
Hayden’s post on XA Miscalculation for Biden’s Re-Election Bid?
Adams accused the Biden camp of a “level miscalculation” by assuming crypto would be irrelevant in the 2024 election. He argued that the administration’s approach, allowing the SEC and Senator Elizabeth Warren to “wage total war” on crypto, could jeopardize Biden’s chances for a second term.
“Republicans smell blood in the water and are turning hard towards crypto,” Adams stated. He urged anyone close to Biden or Democratic leadership to express the severity of the situation, pushing for an immediate reversal of the administration’s crypto stance.
Crypto Regulatory Tug-of-War Intensifies
The Biden administration’s crypto policies have faced increasing scrutiny from the industry and lawmakers alike. Since taking office, Biden has signed an executive order establishing a regulatory framework for digital assets and nominated Gary Gensler as the SEC Chair.
Moreover, under Gensler’s leadership, the SEC has ramped up enforcement actions against crypto firms operating in the US. The regulator has ongoing civil cases against prominent platforms like Kraken, Coinbase, Ripple, and Binance, drawing criticism for an inconsistent approach.
Subsequently, President Biden recently endorsed the SEC’s rule that restricts banks from holding customers’ crypto assets. This endorsement has intensified concerns about the administration’s approach to the industry. Additionally, the move sparked a bipartisan backlash from lawmakers. In response, they have vowed to propose legislation to define the roles of the SEC and CFTC in crypto regulation.
Source: XIn fact, concerns over Biden’s crypto policies have transcended party lines. Senator Cynthia Lummis (R-WY) and Senator Ron Wyden (D-OR) recently sent a bipartisan letter to the Department of Justice. The letter urged the DOJ to drop a controversial interpretation that could potentially “criminalize Bitcoin software development in America.”
Notably, the House voted to overturn a SEC rule preventing banks from holding crypto assets. Although Biden vowed to veto the resolution, the move underscores the growing tensions between crypto advocates and regulators.
Meanwhile, as the 2024 election nears, the crypto regulatory landscape remains a contentious battleground. Industry leaders like Uniswap CEO Hayden Adams urge the Biden administration to recalibrate its stance. Above all, they recognize the potential impact on voters and the broader crypto ecosystem. With the stakes high, the tug-of-war between policymakers and crypto proponents is poised to intensify in the months ahead.
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