President Joe Biden has started talking to people in the crypto industry to support his re-election campaign. A new report says Biden wants to learn more about the “crypto community” and its policies for the future. This shows a big change from what he thought before.
President Biden is now seeking advice from the crypto industry to boost his chances for re-election. This marks a notable change in his administration’s views on crypto. His approach contrasts with former President Trump’s stance, highlighting distinct campaign strategies concerning cryptocurrency.
Biden’s Outreach to Crypto Industry Gains Momentum
President Biden’s engagement with the crypto industry for his re-election bid began two weeks ago, highlighting a shift in strategy amid a closely contested presidential race. His team has reached out to various crypto experts, including those previously at odds with Biden’s policies.
Biden’s administration demonstrated a new approach following the passage of the Financial Innovation and Technology for the 21st Century Act (FIT21) bill. Despite initial opposition, the administration refrained from threatening a veto, contrasting with its stance on Staff Accounting Bulletin 121 (SAB 121). Political considerations may have influenced the preliminary approval of spot Ethereum (ETH) exchange-traded funds (ETFs).
The shift in Biden’s approach toward the crypto industry is notable, especially given the contrasting stance of his major rival, former President Donald Trump. Trump has consistently voiced support for the crypto industry, emphasizing his commitment to advancing crypto and Bitcoin within the United States, including supporting the right to self-custody for the nation’s crypto holders.
Biden and Trump Navigate Crypto’s Role in 2024 Elections
Former President Donald Trump’s acceptance of campaign donations in cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), and Dogecoin (DOGE) marks a significant shift from his previous skepticism during his presidency from 2017 to 2021. Recently, Trump even explored the idea of using Bitcoin to tackle the US national debt, showcasing his evolving interest in crypto’s potential economic impact.
Both Biden and Trump’s engagement with the crypto community underscores the increasing importance of digital assets in political strategies. Siddarth Singhal, from Trilitech, highlights that a substantial portion of US voters have interacted with or own crypto, with major hedge funds also investing significantly in BTC ETFs. This trend suggests that policymakers cannot ignore the growing influence of cryptocurrencies.
As the 2024 elections draw near, the differing approaches of Biden and Trump towards crypto could profoundly shape future regulatory policies and adoption in the United States. The evolving dynamics suggest that crypto’s role in national economic and political discourse is likely to continue expanding.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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