President Joe Biden’s stringent crypto policies could jeopardize his re-election bid, according to Uniswap founder Hayden Adams. On May 13, Adams warned of the potential consequences that the administration could face at the November polls.
Adams expressed concerns about President Biden and other Democrats’ perceived anti-crypto position, which could reduce the incumbent US president’s likelihood of re-election.
Uniswap Founder Tags US SEC as Catalyst for Biden’s Potential Loss
He advised that anyone close to President Biden or within his leadership circle “should be expressing how serious this is and pushing for immediate reversal on his approach to crypto.”
This is not the first time experts will predict how Biden’s stringent crypto policies could undermine his re-election chances.
Shark Tank billionaire and crypto evangelist Mark Cuban joined the long list of critics that have blasted Biden’s crypto stance as a potential election killer. He pointed to SEC chair Gary Gensler’s aggressive crackdown and lawsuits against major crypto firms as a liability to the president’s bid.
If @joebiden loses, there is a good chance you will be able to thank @GaryGensler and the @NewYork_SEC
Crypto is a mainstay with younger and independent voters. Gensler HAS NOT PROTECTED A SINGLE INVESTOR AGAINST FRAUDAll he has done is make it nearly impossible for… https://t.co/uBKupxLhS9
— Mark Cuban (@mcuban) May 10, 2024
Cuban believes the 2024 US presidential election will take a new turn as crypto voters will influence the outcome, limiting Biden’s chances of a second term.
Since becoming president, Biden has taken a hardline stance against the crypto sector. An Executive Order was signed in 2022, which referenced Terra’s $50-billion crash and “the wave of insolvencies” as reasons to “harness” crypto potential responsibly.
Ever since, influential figures such as Senator Elizabeth Warren have advocated for stringent crypto industry regulations, as she claimed in March 2024 that crypto threatens US security and helps terrorists.
Additionally, the US Securities and Exchange Commission (SEC) has classified nearly all cryptocurrencies as securities, further complicating regulatory clarity regarding the crypto industry amid the recent probe of Uniswap.
Meanwhile, the Republican candidate in the November 2024 election has been wooing crypto community members.
In a recent speech, former US President and Republican Presidential candidate in the November 2024 election, Donald Trump, expressed support for crypto, criticizing Biden for his skeptical views and accusing him of being uninformed about crypto.
Uniswap Founder Asserts that 40% of US Adults Own Crypto
Hayden Adams had previously highlighted the ongoing shift in the financial sector due to the increased adoption of cryptocurrencies. He noted that 40% of adults in the US already own crypto, which could potentially threaten Biden’s election prospects given the growing 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
Meanwhile, the political tides seem to be shifting in favor of Trump. David Bailey, the CEO of Bitcoin Magazine, revealed a month-long collaboration with Trump on 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 mentioned that other players in the crypto space are seeking to raise about $100 million to aid Trump’s campaign to ensure his return to the White House.