Hayden Adams, the CEO and founder of decentralized exchange Uniswap, has urged President Joe Biden to consider the opinions of crypto-focused voters as they head to the polls in November. Adams believes that there is limited time for President Biden to change the perception that many in the crypto community have of his administration’s stance on digital assets. In his view, the president is underestimating the significance of crypto in the 2024 elections and allowing Senator Elizabeth Warren and the U.S. Securities and Exchange Commission (SEC) to launch an all-out attack on the industry. Adams warns that Republicans are capitalizing on this opportunity and that urgent action is needed to rectify the situation.
Since assuming office, President Biden has made efforts to establish a regulatory framework for digital assets and appointed Gary Gensler as the SEC chair. However, Gensler has taken a tough stance on crypto, leading to increased enforcement actions against firms offering crypto services or products to U.S. residents. This has resulted in criticism of the SEC for its inconsistent approach. The commission currently has ongoing civil cases against Kraken, Coinbase, Ripple, and Binance.
In a related development, members of the U.S. House of Representatives voted in favor of overturning an SEC rule that imposed restrictions on banks holding customers’ crypto. However, President Biden has indicated his intention to veto the resolution, thereby allowing the SEC’s Special Accounting Bulletin 121 to remain in effect.
With less than six months until the U.S. election, there is growing dissatisfaction within the crypto community and beyond regarding the Biden administration’s policies on digital assets. Some, like Hayden Adams, are sounding the alarm, while others are openly criticizing the administration. Members of Congress are also taking action by introducing legislation to clarify the roles of the SEC and the Commodity Futures Trading Commission in regulating crypto.
Overall, it is clear that both the crypto industry and voters are closely watching the Biden administration’s approach to digital assets, and it remains to be seen how this will impact the upcoming elections.