Uniswap founder Hayden Adams has urged President Joe Biden to change his stance on crypto, adding that the anti-crypto stance of the Democrats could hurt the industry.
He also pointed out the contrasting stances of the US presidential election candidates, hinting that his current view on crypto could lead to a potential loss in the elections.
Biden Urged To Change Stance On Crypto
Adams’ made the comments in a recent post on social media platform X, expressing alarm at President Biden and his administration’s approach to cryptocurrencies, pointing out that it could have an adverse impact on the crypto industry. Adams’ was extremely critical of Biden’s campaign strategy, with the remarks coming amidst escalating tensions between regulatory bodies such as the Securities and Exchange Commission (SEC), Senator Elizabeth Warren, and crypto advocates. With the continued evolution of the crypto space, he highlighted what he interpreted as a ‘critical oversight’ by the Biden administration and urged action to rectify the situation.
With cryptocurrencies becoming popular among investors and consumers, traditional financial institutions have been presented with the need to adapt. Adams’ highlighted the importance of the crypto space, especially as 40% of US adults are already engaged in some form of digital currency.
The Uniswap founder pointed out the Biden campaign’s decision to focus on red states rather than swing states during Hillary’s campaign, calling it a strategic miscalculation because he believed that the Biden administration believed cryptocurrencies would not be a significant factor in the 2024 elections.
“Hillary campaigning in red states instead of swing states level miscalculation from Biden’s camp thinking crypto will be irrelevant in 2024 election and letting SEC + Warren wage total war - both in terms of voters and money Republicans smell blood in the water and are turning hard towards crypto Not much time for Biden to save it. Any one close to him or dem leadership should be expressing how serious this is and pushing for immediate reversal on his approach to crypto (public support/plan and reigning in sec + warren).”
Adverse Impact On Crypto
Adams’ warned that the current trajectory of the administration’s stance on crypto, marked by regulatory conflict and political infighting, could have significant consequences for the crypto ecosystem. He called for proactive measures such as open support for cryptocurrencies and re-evaluating the Securities and Exchange Commission’s approach to crypto.
Trump Embracing Crypto
Meanwhile, former president and Republican presidential candidate Donald Trump has come out in support of crypto, criticizing the Biden administration for its view of crypto. He further added that Biden has no idea about crypto but is “very much against it.” In response to the comments, Billionaire Mark Cuban called for comprehensive rules and regulations for crypto instead of the prevailing regulatory uncertainties and threats against crypto.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
