President Joe Biden’s re-election campaign has reportedly provided a significant boost to the crypto industry, a new study shows. report of the block. This involvement, which reportedly began about two weeks ago, marks a notable shift from its previous position and includes seeking advice from key figures in the crypto sector on community and policy issues. Sources familiar with the ongoing discussions emphasized to The Block that this is a substantial change in tone from the Biden administration’s previous approach to digital assets.
The outreach effort comes in the wake of backlash against the Biden administration’s plan to veto the repeal of SAB 121, a controversial legislative measure criticized for potentially barring financial institutions from crypto -provide asset custody services. The move is seen as a response to the growing recognition of the significance of the crypto industry and its potential impact on the upcoming presidential race, which is expected to be heavily contested.
The Biden campaign’s new approach follows former President Donald Trump’s recent announcement that his campaign would accept crypto donations. Trump also made pro-crypto and anti-Central Bank Digital Currency (CBDC) comments at the 2024 Libertarian National Convention. This development underlines the increasing importance of digital assets in the political landscape, with both major candidates vying for the support of the crypto community.
Trump’s campaign has positioned him as a pro-crypto candidate, a stark contrast to his previous skepticism toward digital currencies. His campaign’s acceptance of crypto donations is part of a broader strategy to build a crypto following and appeal to a demographic increasingly attracted to digital assets. The move is framed as a stance against perceived government control over financial decisions, in line with Trump’s broader political message. Trump’s campaign has embraced donations of digital assets including Bitcoin, Ethereum and other cryptocurrencies, marking a significant shift in his stance on the industry.
The Biden campaign’s outreach has been met mixed reactions within the crypto industry. While some see it as a positive step toward understanding and integrating digital assets into the broader financial system, others remain skeptical and see it as a belated attempt to curry favor with pro-crypto voters. Despite this skepticism, the commitment reflects a growing awareness of the sector’s potential impact on elections and the need for policies that support innovation and growth within the sector.
As the 2024 presidential elections approach, the role of crypto is becoming increasingly important. Both Biden and Trump are making significant efforts to engage with the crypto community and recognize its growing political influence. The outcome of these efforts will likely determine the future of digital asset regulation and the broader financial landscape in the United States.
Ripple has also highlighted the 2024 US election as a pivotal moment for the crypto industry, contributing $25 million to Fairshake, a federal super PAC backing pro-crypto candidates. This move illustrates the increasing political involvement of major crypto companies and their efforts to influence policy in favor of the sector.
Furthermore, a recent survey from Public Opion Strategies found that American voters who own crypto prefer Donald Trump over Joe Biden in the upcoming elections, by a 9% gap. This shift in voter sentiment reflects the growing importance of crypto policy in the political arena and its potential impact on election outcomes.
Senator Cynthia Lummis, an advocate for pro-crypto legislation, believes recent victories in Congress mean a promising future for the industry. Many in the industry share this optimism and see the upcoming election as a pivotal moment for the future of digital assets in the US.
The Biden campaign’s recent involvement in the crypto industry marks a notable change in tone, reflecting a new willingness to understand digital assets and their communities. The change comes as the campaign recognizes the potential impact of crypto-related issues on the presidential race, which is expected to be heavily contested.