Regulation
Joe Biden campaign surprises with crypto awareness
President Joe Biden has begun engaging with crypto industry players as part of his re-election campaign.
A recent report reveals that Biden seeks to understand “the crypto community and future policy.” This decision reflects a significant change from its previous position.
Biden campaign steps up crypto engagement, shifts approach
This outreach began two weeks ago, as the Biden team recognize the potential impact of crypto issues on a hotly contested presidential race. The re-election team reached out to several crypto experts, including those previously distanced from Biden.
Biden’s new approach has become evident the answer to the passage of the Financial Innovation and Technology for the 21st Century (FIT21) Bill. Although the administration opposed the bill, it stopped threaten with a veto, unlike Staff Accounting Bulletin 121 (SAB 121). Experts also suggest political considerations influence preliminary approval from exchange-traded funds (ETFs) to spot Ethereum (ETH).
Biden’s change in approach towards the crypto industry is plausible, especially since his main rival, former US President Donald Trump, has been adopt a contrasting position. BeInCrypto previously reported that Trump had constant support for the crypto industry.
Learn more: Crypto regulation: what are the advantages and disadvantages?
“I will ensure that the future of crypto and Bitcoin is made in the United States. I will support the right to self-custody for the country’s 50 million crypto holders,” Trump said in a speech last weekend.
Additionally, Trump accepted campaign donations in cryptocurrencies like Bitcoin (BTC), ETH, and Dogecoin (DOGE).
Recently, Trump reportedly explored the idea of using Bitcoin to solve the US national debt. During a discussion on X (Twitter) Space, David Bailey, CEO of Bitcoin Magazine, revealed Trump’s curiosity about BTC’s potential to solve the $35 trillion debt. Bailey admitted he had ideas but wasn’t ready to discuss them during their first meeting.
Notably, Trump was once a crypto skeptic during his presidency from 2017 to 2021. However, his recent investigations signal a significant shift, reflecting his evolving stance towards the crypto industry.
Learn more: How can blockchain be used to vote in 2024?
Biden and Trump’s engagement with the crypto community highlights the growing importance of digital assets in political strategies. Siddharth Singhal, head of business development at Tezos-based blockchain research firm Trilitech, highlighted the broader impact of crypto engagement in the current presidential election.
“In the United States, more than 15% of the voting base interacts with or owns cryptocurrencies, and 13 of the top 25 US hedge funds purchased BTC ETFs in the first quarter of this year 2024. That’s decent penetration compared to any other major problem. There is no going back and trends only go in one direction. Policymakers should be engaged and believe that crypto PACs are just getting started,” Singhal told BeInCrypto.
As the 2024 election approaches, their differing approaches could shape the future of crypto regulation and adoption in the United States.
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