Joe Biden
Joe Biden AFP

U.S. President Joe Biden's campaign team and strategists are miscalculating the importance of the cryptocurrency industry during the election later this year, Hayden Adams, the founder and CEO of decentralized crypto exchange Uniswap, said Monday.

Adams particularly questioned why former Democratic presidential nominee Hillary Clinton was campaigning for Biden "in red states instead of swing states." The crypto executive noted that such a strategy only highlights "miscalculation from Biden camp thinking crypto will be irrelevant in 2024 election and letting SEC (Securities and Exchange Commission) + [Sen. Elizabeth] Warren wage total war – both in terms of voters and money."

The digital assets expert went on to compare Biden's strategy to that of some Republican candidates. "Republicans smell blood in the water and are turning hard towards crypto," he said.

Indeed, a growing number of GOP candidates have already tapped into the strategy of leaning toward the crypto sector, including Republican presidential frontrunner Donald Trump.

Just last week, the business mogul hosted a group of nonfungible token (NFT) owners, telling them that he will "stop" the hostility of regulators toward the industry. He also previously recognized Bitcoin as "an additional form of currency" – a statement coming from someone who once referred to the world's largest digital asset by market cap as a "scam."

Probably the most prominent among Republican candidates who have long expressed support for the crypto industry is John Deaton, who is looking to unseat Warren from her long-held seat in Massachusetts. He recently filed to appear as counsel for over 4,000 customers of Coinbase, just one of the crypto firms the SEC has taken to court over alleged securities laws violations. He is known for his work with holders of XRP, Ripple's native token.

Adams went on to note that at this point in his bid for another term in the White House, there is "not much time" for the Democratic incumbent president to save face among crypto voters.

"Anyone close to him or Dem leadership should be expressing how serious this is and pushing for immediate reversal on his approach to crypto," he recommended.

Senior product marketing manager at Bitcoin native financial services Unchained Capital, Joe Burnett, believes campaign strategists will study the voting public's sentiment around the world's top cryptocurrency. He said the Bitcoin community is "a politician's dream population segment" and running politicians will soon realize that they should warm up to the sector "or lose."

It remains to be seen whether Biden's campaign team will heed Adams' advice, but as of late, it appears the Biden government remains firm in its support for the SEC's crackdown on the crypto industry.