Biden Administration’s Shift on Crypto: A Vote-Driven Strategy?
Insiders reveal that President Joe Biden’s re-election campaign has been reaching out to cryptocurrency industry figures over the past two weeks, seeking guidance on “crypto community and policy.”
Key Developments:
- There has been a significant shift in the Biden administration and campaign’s stance on cryptocurrencies, showing a newfound willingness to understand digital assets and their communities.
- Biden’s team increasingly acknowledges that issues related to the crypto industry could impact a potentially tight presidential race. As part of their outreach, the re-election team has contacted several crypto experts, including some who were previously dismissed by the Biden administration.
The latest engagement with digital asset experts follows the backlash from crypto advocates against the Biden administration’s veto of the plan to repeal SAB 121. This controversial cryptocurrency legislation has been criticized for potentially hindering financial institutions from offering crypto asset custody services.
On May 21, Trump’s campaign announced it would accept cryptocurrency donations. Former President Donald Trump has also recently voiced support for cryptocurrencies and opposition to Central Bank Digital Currencies (CBDCs) at the 2024 Libertarian National Convention, marking a shift from his 2021 stance, when he called cryptocurrencies “a very dangerous thing.”
Like President Biden, Trump’s re-election team includes advisors who have influenced his more positive stance on digital assets. “They have very smart and capable people advising on this issue, and you have already seen some results, with more to come in the next few months,” said a source close to Trump’s campaign with ties to the crypto industry.
The Biden campaign’s outreach has been welcomed by many in the crypto industry. However, some remain skeptical, viewing the engagement as “too little, too late.”
