Uniswap Founder Seeks Change in Biden Administration’s Stance on Cryptocurrency: Reasons Explained

Uniswap founder Hayden Adams has indicated that President Joe Biden’s strict cryptocurrency policies may threaten his chances for re-election. On May 13, Adams cautioned about the possible repercussions the administration could encounter in the upcoming November elections.

Adams voiced his worries regarding President Biden and other Democrats’ perceived stance against cryptocurrencies, which could diminish the incumbent US president’s prospects for re-election.

Uniswap Founder Identifies US SEC as a Factor in Biden’s Possible Defeat

He recommended that those close to President Biden or within his leadership team “should be emphasizing the seriousness of this situation and advocating for an immediate change in his crypto policy.”

This is not the first occasion experts have suggested that Biden’s strict crypto regulations could hinder his re-election prospects.

Shark Tank billionaire and crypto advocate Mark Cuban has joined the ranks of critics who have condemned Biden’s crypto policies as a potential electoral liability. He highlighted SEC chair Gary Gensler’s vigorous enforcement actions and lawsuits against significant crypto companies as a risk to the president’s campaign.

If @joebiden loses, there is a good chance you will be able to thank @GaryGensler and the @NewYork_SEC
Crypto is a staple among younger and independent voters. Gensler HAS NOT PROTECTED A SINGLE INVESTOR AGAINST FRAUD

All he has done is make it nearly impossible for… https://t.co/uBKupxLhS9

— Mark Cuban (@mcuban) May 10, 2024

Cuban believes that the 2024 US presidential election will take a different direction as crypto voters will play a significant role in the outcome, potentially limiting Biden’s chances for a second term.

Since taking office, Biden has adopted a tough stance on the cryptocurrency sector. An Executive Order was issued in 2022, which referenced Terra’s $50 billion collapse and “the wave of insolvencies” as reasons to “harness” the potential of crypto responsibly.

Since then, prominent figures like Senator Elizabeth Warren have called for strict regulations on the crypto industry, asserting in March 2024 that cryptocurrencies pose a threat to US security and facilitate terrorism.

Furthermore, the US Securities and Exchange Commission (SEC) has categorized nearly all cryptocurrencies as securities, complicating regulatory clarity for the crypto industry amid the ongoing investigation of Uniswap.

Meanwhile, the Republican candidate for the November 2024 election has been courting members of the crypto community.

In a recent address, former US President and Republican Presidential candidate Donald Trump expressed his support for cryptocurrencies, criticizing Biden for his skeptical stance and accusing him of lacking understanding of the crypto landscape.

Uniswap Founder Claims 40% of US Adults Hold Crypto

Hayden Adams previously pointed out the ongoing transformation in the financial sector due to the rising adoption of cryptocurrencies. He noted that 40% of adults in the US currently own crypto, which could pose a threat to Biden’s electoral prospects given the increasing influence of cryptocurrencies.

Imagine risking losing control of the most powerful nation in human history

To let a rogue regulator try to outlaw “internet money,” which 40% of the adults in your country already owns

And the regulator is going to lose in court anyway

We’re in the dumbest timeline https://t.co/WvoGXpaz9M

— hayden.eth (@haydenzadams) May 11, 2024

At the same time, the political landscape appears to be shifting in favor of Trump. David Bailey, the CEO of Bitcoin Magazine, disclosed a month-long collaboration with Trump to develop a “comprehensive executive order.”

For the past month we have been working with the Trump campaign to develop their bitcoin and crypto policy agenda. We proposed a comprehensive executive order for President Trump to sign on day 1. I will be sharing those details soon. This week Trump took the first step, but…

— David Bailey $0.65m/btc is the floor (@DavidFBailey) May 11, 2024

Bailey also noted that other stakeholders in the crypto sector are attempting to raise approximately $100 million to support Trump’s campaign to facilitate his return to the White House.

The post Uniswap Founder Wants A Reversal To Biden’s Position On Crypto: Here’s Why appeared first on Cryptonews.