He called Hayden Adams, founder and CEO of decentralized exchange Uniswap, president
Hayden Adams, founder and CEO of decentralized exchange Uniswap, called on US President Joe Biden to consider how voters will think about cryptocurrencies when they enter the polls in November.
In a post dated May 12, 2018, Adams claimed It did not take “long time” for President Biden to change the perception of many cryptocurrency-focused voters about his administration’s policies on digital assets. According to Uniswap CEO, the US President was making a “miscalculation” by assuming that cryptocurrencies would be irrelevant in the 2024 elections and allowing Senator Elizabeth Warren and the US Securities and Exchange Commission (SEC) to “wage an all-out war” on the technology.
“Republicans smell blood in the water and are moving hard toward cryptocurrencies,” Adams said. “There’s not much time for Biden to save. “Anyone close to him or the (Democratic) leadership should express how serious this is and push for an immediate reversal of his approach to cryptocurrencies (public support/control and control of sec+warren).”
In November, American voters will choose whether to elect President Biden for a second term. Since taking office in 2021, he has signed one of the first executive orders to create a regulatory framework for digital assets and nominated Gary Gensler as chairman of the SEC.
Under Gensler, the SEC has ramped up enforcement actions against cryptocurrency companies that provide services or products to US residents, leading many to criticize the commission for its seemingly inconsistent approach to digital assets. The regulator has civil cases pending against Kraken, Coinbase, Ripple, and Binance.
Related: Neither Joe Biden nor Donald Trump are champions of cryptocurrencies
On May 8, a majority of members of the US House of Representatives voted in favor of a resolution that would overturn an SEC rule imposing restrictions on banks holding cryptocurrencies for customers. Before the vote, President Biden said he intended to veto the resolution, allowing the SEC’s Special Accounting Circular No. 121 to remain in place.
With less than six months until US Election Day, many inside and outside the cryptocurrency space have criticized the Biden administration for its policies on digital assets – some as a warning like Adams, others as criticism. Members of Congress are also moving forward with legislation to clarify the roles the SEC and CFTC will play in regulating cryptocurrencies.
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