As Republicans “smell blood in the water,” Uniswap founder Hayden Adams says top-level officials close to Biden should be pushing for “immediate reversal on his approach to crypto.”
Crypto seems to be becoming a key focus for Donald Trump‘s presidential campaign this fall, as Uniswap founder Hayden Adams says Republicans “are turning hard towards crypto.” In an X post on May 13, Adams, the founder of the decentralized cryptocurrency exchange, said president Joe Biden‘s camp is miscalculating priorities by “thinking crypto will be irrelevant in 2024 election.”
“Republicans smell blood in the water and are turning hard towards crypto. Not much time for Biden to save it.”
Hayden Adams
Adams urged top-level officials close to Biden or Democrats leadership “should be expressing how serious this is and pushing for immediate reversal on his approach to crypto.”
Yet, it seems the Biden administration is standing firm, aligning with figures like Senator Elizabeth Warren who supports tough regulations for the crypto industry, and the U.S. Securities and Exchange Commission, which deems nearly all cryptocurrencies as securities.
Despite recent attempts by lawmakers, including a resolution from the House of Representatives aimed at challenging how the SEC regulates banks and crypto, Biden appears to be sticking to his guns on keeping regulations tight for the crypto market. He’s made it clear he plans to veto any measures that would ease these regulations, saying the recent resolution was issued in response to “demonstrated technological, legal, and regulatory risks that have caused substantial losses to consumers.”
Former president Donald Trump, however, is positioning himself as a champion of crypto-friendly policies, aiming to leverage the support of crypto voters. In an X post on May 11, Bitcoin Magazine CEO David Bailey wrote he has been working with Trump for a month on a so-called “comprehensive executive order,” adding that other players in the crypto space are looking to raise as much as $100 million war chest for the Trump campaign to ensure he gets back into the White House.
