Key takeaways:
- The creator and CEO of Uniswap urged the US President to consider voters’ opinions regarding cryptocurrency when they cast their ballots in November.
- Adams claimed that the US President had committed a “miscalculation” by allowing the SEC to “wage total war” on crypto.
The creator and CEO of Uniswap, a decentralized exchange, Hayden Adams, urged US President Joe Biden to consider voters’ opinions regarding cryptocurrency when they cast their ballots in November.
Adams asserted in a May 12 X post that President Biden had “not much time” to alter the impression that many people interested in cryptocurrency held off his administration’s stance on digital assets.
The CEO of Uniswap claimed that the US President had committed a “miscalculation” by allowing Senator Elizabeth Warren and the US Securities and Exchange Commission (SEC) to “wage total war” on cryptocurrency, believing it would have no bearing on the 2024 elections. Adams stated:
“Republicans smell blood in the water and are turning hard towards crypto,”
US voters will decide in November whether or not to elect President Biden to a second term. He designated Gary Gensler as the SEC Chair and issued one of the first executive orders to create a regulatory framework for digital assets since assuming office in 2021.
Many have criticized the SEC for what appears to be an inconsistent attitude to digital assets as a result of the agency’s increased enforcement proceedings against crypto companies that provide services or goods to US residents under Gensler. The regulatory body is now litigating civil charges against Binance, Coinbase, Ripple, and Kraken.
On May 8, a resolution to overturn an SEC rule restricting banks’ ability to store cryptocurrency belonging to their clients was approved by most members of the US House of Representatives. President Biden declared before the vote that he intends to veto the resolution, upholding the SEC’s Special Accounting Bulletin 121.
Fewer than six months remain until the US presidential election, and many in and outside the crypto community have criticized the Biden administration’s policies regarding digital assets – some as a critique, similar to Adams, and others as a warning.
Congressmen are also advancing legislation to define the functions of the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) in overseeing crypto.
