The crypto industry persists in opposition to Biden’s administration following its recent regulatory actions, which have continued to threaten the growth of the crypto ecosystem.
Matthew Sigel, head of digital assets research at the U.S-based investment management firm, VanEck, has reportedly accused the concerned regulators of being overly rigid towards crypto firms.
According to a report from a local media outlet, the VanEck exec cautioned the crypto space earlier today, warning that the Biden administration is on the verge of making defi illegal ahead of the next presidential election.
His statement reads, “The Biden administration is hurrying to make DeFi and self-custody functionally illegal in the US before voters can express political intentions at the ballot box.”
This is a critical moment for the crypto industry. Sigel believes that the recent aggressive actions taken against crypto firms are detrimental to the future of cryptocurrencies and hinder the growth of the ecosystem.
Amid the heightened tensions between regulators and the crypto sector, Sigel has issued warnings to mitigate the negative impact of these actions on investors’ confidence in digital assets.
Sigel noted that regulators’ actions last month led to several high-profile cases, mostly affecting DeFi projects and custody solutions.
Furthermore, among the undeserving actions taken against crypto firms was the SEC’s recent allegations against Uniswap Foundation following claims that it has been operating an unregistered exchange without providing clarity on lawful registration processes.
Other strict actions included a warning letter issued by the SEC following allegations that Ethereum developer Consensys broke securities laws via its MetaMask wallet.
Sigel believes that regulators’ actions are intentional attempts to frustrate the crypto industry’s progress and blames Biden.
Recent reports reveal that most crypto owners have preferred Trump’s administration over Biden’s.
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