Uniswap’s founder, Hayden Adams, has suggested that U.S. President Joe Biden and Democrats must quickly change their stance on cryptocurrencies and related technologies.
In a recent statement, Adams emphasized the growing importance of crypto in the political landscape, particularly as Republicans increasingly embrace digital assets as a critical campaign issue.
“Republicans smell blood in the water and are turning hard towards crypto,” Adams declared in an X(formerly Twitter) post on May 13, 2024. “Not much time for Biden to save it.”
Adams highlighted a strategic error in the Democratic camp’s perception of the role of cryptocurrencies in the upcoming 2024 election, warning against underestimating its significance. He urged top-level officials in the Biden administration to push for “immediate reversal” of the president’s approach, including creating a plan and reigning in the U.S. Securities and Exchange Commission(SEC).
Adams’ deep involvement in the crypto space and his leadership role at Uniswap lend weight to his calls for action on crypto policy. Meanwhile, his remarks come amid growing scrutiny of the cryptocurrency industry from regulators and policymakers.
However, despite mounting pressure, the Biden administration has stood firm on its regulatory stance, aligning with figures like Senator Elizabeth Warren and the U.S. SEC. They made moves to tighten regulations on cryptocurrencies, citing concerns about investor protection, financial stability, and illicit activities such as money laundering and terrorism financing.
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Notably, Senator Warren has been a vocal critic of the crypto industry, calling for stricter regulations to address what she perceives as systemic risks.
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Meanwhile, former President Donald Trump, also a leading Presidential candidate for the Republican party, has positioned himself as a champion of crypto-friendly policies, aiming to capitalise on the support of crypto voters. Bitcoin Magazine CEO David Bailey recently revealed efforts to work with Trump on a “comprehensive executive order” aimed at fostering favourable conditions for the crypto market.
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