Hayden Adams, the CEO and founder of decentralized exchange Uniswap, has urged President Joe Biden to consider the views of crypto-focused voters ahead of the November elections. In a recent post, Adams expressed concern that the Biden administration’s policies on digital assets are not aligned with the crypto community’s expectations. He criticized the president for underestimating the importance of crypto in the upcoming elections and for allowing Senator Elizabeth Warren and the US Securities and Exchange Commission (SEC) to attack the technology. Adams warned that Republicans are capitalizing on this opportunity and urged Biden to take immediate action to reverse his approach to crypto.
Adams’ comments come at a crucial time, as US voters will soon decide whether to reelect President Biden for a second term. Since taking office, Biden has taken steps to establish a regulatory framework for digital assets and appointed Gary Gensler as the SEC chair. Under Gensler’s leadership, the SEC has intensified its enforcement actions against crypto firms operating in the US, leading to criticism of the commission’s inconsistent approach to digital assets. Several prominent crypto companies, including Kraken, Coinbase, Ripple, and Binance, are currently facing civil cases initiated by the SEC.
In early May, the majority of members in the US House of Representatives voted in favor of a resolution to overturn an SEC rule that imposed restrictions on banks holding customers’ crypto. However, President Biden expressed his intention to veto the resolution, indicating his support for the SEC’s position.
With less than six months until the elections, both the crypto community and lawmakers are questioning the Biden administration’s handling of digital assets. Some, like Adams, are issuing warnings, while others are openly criticizing the administration. Members of Congress are also taking steps to introduce legislation that would clarify the roles of the SEC and the Commodity Futures Trading Commission in regulating crypto.
Overall, it is clear that the crypto industry’s perception of the Biden administration’s stance on digital assets is a significant concern, and it remains to be seen how this will impact the upcoming elections.