- Uniswap Labs CEO Hayden Adams has asserted President Joe Biden is making a deadly mistake with his handling of crypto as elections near.
- According to the Uniswap founder, Republicans are already taking advantage.
- Adams’ sentiments add to a chorus of opposition to the Biden administration within crypto circles.
Despite being widely seen as the home of technological innovation, the U.S. has proven rugged terrain for the crypto industry.
Amid uncertain regulations and a flurry of enforcement actions from the Securities and Exchange Commission (SEC), several industry leaders have espoused the view that the President Joe Biden-led administration is out to stifle crypto. With the November 2024 elections approaching, the president’s recent vow to veto any legislative attempt to overturn a perceived anti-crypto accounting rule from the SEC has only strengthened these views.
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According to Uniswap founder Hayden Adams, Biden’s continued alienation of the crypto industry could cause his campaign to face the same fate as Hillary Clinton’s in 2016.
“Republicans Smell Blood in the Water”
On Monday, May 13, Adams asserted that the Biden administration was underestimating the influence of crypto “both in terms of voters and money” in the coming elections. He likened it to Hillary Clinton’s failure to campaign in swing states when she ran for office in 2016.
"Hillary campaigning in red states states [sic] instead of swing states level miscalculation from Biden camp thinking crypto will be irrelevant in 2024 election and letting SEC + Warren wage total war - both in terms of voters and money," he wrote.
According to the Uniswap Labs chief, whose protocol faces the threat of enforcement from the SEC, while the Biden administration and Democratic party fumbled the ball on crypto, the Republicans were catching on.
"Republicans smell blood in the water and are turning hard towards crypto."
This sentiment comes as former President Donald Trump has increasingly pandered to the crypto community in recent weeks, noting that his campaign is now open to receiving crypto donations.
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Adams noted that the Biden administration had to act fast to stand any chance of changing the tide.
"Not much time for Biden to save it. Any one [sic] 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)."
While Adams’ sentiments suggest that there may be room for redemption, several other leaders appear to have lost all hope.
Crypto Industry Leaders Rally Against Biden
In an X post on May 8, Messari Crypto founder Ryan Selkis argued that several aspects of the crypto industry will suffer if Biden is re-elected. Recently, Selkis has become an active part of the Trump campaign. On May 9, he shared the stage with the leading Republican candidate during a 60-minute Q&A at Mar-a-Lago.
Echoing Selkis’ sentiments, Cardano founder Charles Hoskinson asserted that “a vote for Biden is a vote against cryptocurrencies” in a message to followers on May 8. Unlike Selkis, however, the Cardano founder has pitched his tent in Robert F. Kennedy Jr.’s camp.
Meanwhile, on May 10, the Coinbase-led Stand With Crypto advocacy group formed a Political Action Committee (PAC) to raise funds for crypto-friendly candidates.
On the Flipside
- Uniswap faces the threat of an enforcement action from the U.S. SEC.
- An April 2023 Pew Research survey found that only 17% of Americans have ever invested in crypto.
- Crypto industry participants should also consider the policy stances of candidates beyond crypto.
Why This Matters
Uniswap’s Hayden Adams statements highlight crypto’s hot-button topic status in the U.S. presidential election.
Read this for more on the recent dissatisfaction with the Biden administration:
Biden Is “Destroying Crypto”: Cardano Founder Lambasts Admin
Learn about Ripple’s recent move to drive crypto adoption:
Ripple, XRPL Labs Eye Mass Adoption With DeRec Partnership
