President Joe Biden’s crypto policies are facing criticism from within the industry, with concerns raised about how they could impact his re-election bid in November. Uniswap founder Hayden Adams and billionaire Mark Cuban have both expressed worries that Biden’s anti-crypto stance, particularly through SEC Chair Gary Gensler’s aggressive crackdown on the industry, could deter younger and independent voters who are heavily invested in cryptocurrencies. They believe that the growing influence of the crypto community could play a significant role in determining the outcome of the 2024 US presidential election, potentially limiting Biden’s chances of a second term.
Since taking office, Biden has taken a tough approach towards the crypto sector, citing issues like Terra’s $50-billion crash as reasons for implementing more stringent regulations. Senator Elizabeth Warren has also advocated for stricter rules, arguing that cryptocurrencies pose a threat to US security and may aid terrorists. Furthermore, the SEC has classified most cryptocurrencies as securities, creating regulatory ambiguity for the industry. The recent probe of Uniswap has further complicated matters for the sector, prompting concerns about the impact of these policies on Biden’s re-election prospects.
Hayden Adams has pointed out the shifting landscape of the financial sector due to the widespread adoption of cryptocurrencies, with 40% of US adults already owning crypto assets. He believes that this growing ownership could pose a challenge to Biden’s chances of winning the election due to the importance of crypto voters in influencing the outcome. Meanwhile, former President Donald Trump, who is running as a Republican candidate in the 2024 election, has been actively courting the crypto community by expressing support for the industry and criticizing Biden’s stance on crypto.
Trump’s campaign has been working with industry players, such as Bitcoin Magazine CEO David Bailey, to develop a comprehensive executive order focused on Bitcoin and cryptocurrencies. Bailey revealed that they have proposed a detailed agenda for Trump to sign on his first day in office, aiming to support and advance the interests of the crypto community. There are also efforts within the crypto space to raise funds, with a target of around $100 million, to bolster Trump’s campaign and ensure his return to the White House. The increasing alignment between Trump and the crypto community suggests a growing political shift that could have significant implications for Biden’s re-election bid if he does not alter his stance on cryptocurrencies.
