- Biden’s crypto policies, like vetoing the SAB 121 repeal, have sparked controversy in the crypto community.
- Scaramucci backed Biden, citing Bitcoin’s growth and cautioning against Trump’s electoral crypto stance.
The recent crypto policies implemented by President Joe Biden have drawn significant criticism from the crypto community.
One of the most contentious decisions that invited widespread criticism was President Biden’s veto of the repeal of Staff Accounting Bulletin 121, also known as SAB 121.
For context, SAB 121 the SEC’s controversial accounting guidelines, was criticized for discouraging large-scale cryptocurrency custody services by investment banks.
Scaramucci supports Biden
However, not everyone shares this view. Anthony Scaramucci, founder of SkyBridge, believed that Biden was the best choice for the upcoming election, even for crypto voters.
In a recent conversation on the “Unchained” podcast, when asked about his vote in the upcoming election, Scaramucci expressed his support for Biden and said,
“I believe that that is the right choice for America long term and it has to do with what I know about Donald Trump.”
Adding a word of caution about Trump, he noted,
“Remember he was very negative on bitcoin and digital assets while president. He’s now done a 180 because he wants your vote.”
Scaramucci also highlighted Bitcoin [BTC]’s growth during Biden’s administration, emphasizing that,
“Bitcoin has gone from $17K to $70K in the Biden Administration”.
If we consider Scaramucci’s viewpoint, BTC experienced substantial traction in 2024, particularly marked by milestones such as the introduction of a spot Bitcoin ETF and Bitcoin achieving a new all-time high (ATH) of $73,000.
Is Anthony Scaramucci right?
This was further confirmed by one of Polymarket’s prediction markets’ data on the 2024 ‘Presidential Election Popular Vote Winner’, where Biden is favored with a 56% chance compared to Trump’s 36%.
Considering that Polymarket is primarily used by crypto users, it shows where their loyalties lie for the upcoming election.
Source: Polymarket
However, at the same time, in another Polymarket prediction market for the ‘Presidential Election Winner in 2024’, Trump leads with a 60% probability, overshadowing Biden’s 34%.
Source: Polymarket
What lies ahead?
Hence, as we await the election outcome, it will be intriguing to see the eventual winner.
In the meantime, Scaramucci holds his ground, reiterating, that despite past criticism, Trump is being opportunistic with his stance on crypto just to enhance his electoral prospects.
And, thus, Scaramucci summed it up aptly when he said,
“I would take the gradualism and the thawing that’s happening in the Biden Administration which is more consistent and steady than this sort of impulsivity.”