The CEO of Uniswap has warned the US President to change course on crypto policies

Hayden Adams, founder and CEO of decentralized exchange Uniswap, has asked US President Joe Biden to consider how voters feel about crypto when they go to the polls in November.

In a May 12 post, President Biden said there is “not much time” for many crypto-focused voters to change the administration's stance on digital assets. The CEO of Uniswap said that the US president was making a “miscalculation” that crypto would be irrelevant in the 2024 election, leading Senator Elizabeth Warren and the US Securities and Exchange Commission (SEC) to “launch an all-out war” on the technology.

“Republicans smell blood in the water and are turning to crypto,” Adams said. “Biden doesn't have much time to save him. Any person presented to him or [Democratic] Leadership needs to explain how serious this is and push for an immediate change in approach to crypto (public support/scheme and buying in Sec + Warren).

In November, American voters will choose whether to elect President Biden for a second term. In the year After taking office in 2021, he signed one of the first executive orders to establish a regulatory framework for digital assets and appointed Gary Gensler as SEC chairman.

Under Gensler, the SEC has stepped up enforcement actions against crypto companies that offer services or products to US residents, leading many to criticize the commission's seemingly inconsistent approach to digital assets. The regulator has pending civil cases against Kraken, Coinbase, Ripple and Binance.

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On May 8, a majority of members of the US House of Representatives voted in favor of a resolution that would overturn an SEC rule that imposes restrictions on banks handling consumer crypto. Before the vote, President Biden said he intended to veto the resolution, allowing the SEC's Special Accounting Statement 121 to remain in place.

With US Election Day less than six months away, many in and outside the crypto space have called out the Biden administration's policies on digital assets — some as Adams' warning, others as criticism. Members of Congress are moving forward with legislation to clarify the roles of the SEC and the Commodity Futures Trading Commission (CFTC) in regulating crypto.

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