Uniswap CEO Warns Biden on Crypto Stance Ahead of 2024 Election
Summary:
Uniswap CEO, Hayden Adams, urges President Biden to reassess the potential impact of cryptocurrency on the 2024 elections. Adams warns that the administration's current stance may result in turning crypto-focused voters away. He says Biden is underestimating the relevance of crypto and is allowing Senator Elizabeth Warren and the SEC to oppose the industry, with Republicans increasingly focusing on it. This call to action comes as the SEC intensifies enforcement actions against crypto firms amid increasing criticism. Legislation to clarify crypto-regulation roles for SEC and CFTC is also in progress.
Uniswap's founder and CEO, Hayden Adams, urged US President Joe Biden to be attentive to voters' sentiments about cryptocurrency as the November ballots approach. Adams warned Biden in a May 12 X post to reconsider the prevailing viewpoint of his administration's crypto policies amongst the electorate who are active in the digital assets market. He suggested that Biden was inaccurately dismissing the significance of cryptocurrency in the 2024 elections, enabling Senator Elizabeth Warren and the US Securities and Exchange Commission (SEC) to vehemently oppose the industry. According to Adams, Republicans are noticing this conflict and gradually shifting their attention towards the crypto industry. He appealed for people close to Biden or Democratic leadership to perceive the serious implications of this and prompt an immediate review and reassessment of Biden's stance on cryptocurrency.
Later this year, US citizens will decide whether to re-elect President Biden. Since his inauguration in 2021, he has signed one of the first executive orders defining a regulatory structure for digital assets and appointed Gary Gensler as the SEC Chair. Under Gensler's guidance, the SEC has increased legal actions against crypto companies that provide products or services to American consumers. This has led to wide-scale criticism of the SEC's seemingly inconsistent dealings with digital assets, with a number of ongoing legal cases against Kraken, Coinbase, Ripple, and Binance.
On May 8, a substantial portion of the US House of Representatives approved a resolution to repeal an SEC regulation that restricts banks from holding clients’ crypto assets. Prior to the vote, Biden announced plans to veto this resolution, ensuring the SEC's Special Accounting Bulletin 121 remains effective.
With the US elections less than six months away, the Biden administration has faced an outcry from numerous parties, both within and outside the crypto industry, regarding its digital assets policies. Simultaneously, members of Congress are making headway with new legislation to determine the roles the SEC and Commodity Futures Trading Commission (CFTC) should undertake in regulating the crypto market.
Published At
5/13/2024 9:57:54 PM
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