• Biden’s re-election campaign has initiated outreach to the crypto industry, seeking guidance on community and policy matters
• This marks a notable shift from the administration’s previous skepticism towards crypto
• Both Biden and Trump are making efforts to engage with the crypto community, recognizing its growing political influence
The Biden campaign has reportedly initiated outreach to key figures in the crypto industry for guidance on community and policy matters. This shift in tone marks a notable departure from the administration’s previous skepticism towards digital assets.
Outreach Follows Veto of Controversial SAB 121 Measure
The outreach comes after backlash over the Biden administration‘s plan to veto the repeal of SAB 121, a legislative measure criticized for potentially deterring crypto custody services. The engagement reflects growing awareness of the crypto industry’s significance.
Contrasts with Trump’s Embrace of Crypto Donations
The Biden campaign’s new approach follows Donald Trump embracing crypto, with his campaign accepting Bitcoin and Ethereum donations. Trump has positioned himself as a pro-crypto candidate, contrasting with his earlier skepticism.
Crypto Community Reacts with Mixed Feelings
The Biden outreach has received mixed reactions within crypto. While some see it as a positive step, others remain skeptical, viewing it as a late attempt to gain favor with pro-crypto voters.
Election Seen as Pivotal Moment for Crypto Policy
As the 2024 election nears, crypto is becoming increasingly central. Both Biden and Trump are courting crypto supporters, recognizing the industry’s growing political clout. The outcome will likely shape future digital asset regulation.
Industry Ramps Up Political Engagement
Entities like Ripple are also ramping up political engagement, contributing millions to crypto-friendly candidates. This shows the sector’s efforts to influence policy in its favor.
Voters’ Sentiment Shifting as Crypto Becomes Key Issue
Per a recent survey, crypto-owning voters now favor Trump over Biden, reflecting crypto policy’s increasing importance. The election outcome could hinge on this demographic shift.
Optimism Around Recent Congressional Victories
Senator Lummis believes recent Congressional victories signal a promising future for crypto policy. Many industry advocates share this optimism about the election being a pivotal moment.
Biden Shift Significant Despite Lingering Skepticism
While skepticism persists, Biden’s engagement with crypto is significant. It indicates a willingness to understand the sector, acknowledging its potential impact on the closely contested race.
