Hayden Adams, founder and CEO of decentralized crypto exchange Uniswap, has urged the Biden administration to take notice. In a recent X article, Adams warned President Joe Biden of a change of stance on crypto policy, highlighting its potential impact on the upcoming 2024 presidential election.

Adams wrote in his article on X that the Biden team made a "serious mistake" in assuming that crypto would not matter in the 2024 election. He believes that the government's approach, allowing the Securities and Exchange Commission (SEC) and Senator Elizabeth Warren to wage an "all-out war" on cryptocurrencies, could jeopardize Biden's chances of reelection.

“Republicans smell an opportunity and are starting to push hard for cryptocurrencies,” Adams said. He urged those close to Biden or the Democratic leadership to express the seriousness of the situation and push for an immediate change in the administration’s stance on cryptocurrencies.

The Biden administration's crypto policy has been under increasing scrutiny from the industry and lawmakers. Since taking office, Biden has signed an executive order establishing a regulatory framework for digital assets and nominated Gary Gensler as SEC chairman.

Additionally, under Gensler’s leadership, the SEC has stepped up enforcement actions against cryptocurrency companies operating in the U.S. The regulator is pursuing ongoing civil cases against well-known platforms such as Kraken, Coinbase, Ripple and Binance, an inconsistent approach that has drawn criticism.

Then, President Biden recently supported an SEC rule that would limit banks from holding customers’ crypto assets. The support heightened concerns about the government’s treatment of the industry. The move also sparked bipartisan opposition from lawmakers. In response, they promised to introduce bills to clarify the roles of the SEC and the Commodity Futures Trading Commission in cryptocurrency regulation.

Indeed, concerns about Biden’s crypto policy have transcended party lines. Senators Cynthia Loomis (R-WY) from Wyoming and Ron Wyden (D-OR) from Oregon recently co-signed a letter to the Justice Department. The letter urged the department to abandon a controversial interpretation that could “make Bitcoin software development illegal.”

Notably, the House voted to overturn an SEC rule that prevented banks from holding crypto assets. Although Biden has pledged to veto the resolution, the move highlights the growing tensions between cryptocurrency advocates and regulators.

Meanwhile, the landscape of cryptocurrency regulation remains a contentious battleground as the 2024 elections approach. Industry leaders like Uniswap CEO Hayden Adams have urged the Biden administration to recalibrate its stance. Most importantly, they recognize the potential impact on voters and the broader crypto ecosystem. As the stakes rise, the game between policymakers and cryptocurrency supporters is bound to intensify in the coming months.