President Joe Biden Boosts Campaign with Crypto Industry Outreach

5 months ago 50

President Joe Biden has begun engaging with crypto industry players as part of his re-election campaign.

A recent report reveals Biden seeks to understand the “crypto community and policy moving forward.” This move reflects a significant shift from his previous stance.

Biden’s Campaign Intensifies Crypto Engagement, Shifts Approach

This outreach began two weeks ago, as Biden’s team recognizes the potential impact of crypto issues on a closely contested presidential race. The re-election team has contacted several crypto experts, including those previously distanced by Biden.

Biden’s new approach became evident during the response to the passage of the Financial Innovation and Technology for the 21st Century Act (FIT21) bill. Although the administration opposed the bill, it stopped threatening a veto, unlike with Staff Accounting Bulletin 121 (SAB 121). Experts also suggest political considerations influence the preliminary approval of spot Ethereum (ETH) exchange-traded funds (ETFs).

The shift in Biden’s approach toward the crypto industry is plausible, particularly given that its major rival, former US president Donald Trump, has been taking a contrasting stance. BeInCrypto previously reported that Trump has consistently shown support for the crypto industry.

“I will ensure that the future of crypto and Bitcoin will be made in the USA. I will support the right to self-custody to the nation’s 50 million crypto holders,” Trump stated in a speech last weekend.

Moreover, Trump has accepted campaign donations in cryptocurrencies like Bitcoin (BTC), ETH, and Dogecoin (DOGE).

Recently, Trump reportedly explored the idea of using Bitcoin to address 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 was unprepared to discuss them in their initial meeting.

Notably, Trump was once a crypto-skeptic during his presidency from 2017 to 2021. However, his recent inquiries signal a significant shift, reflecting his evolving stance towards the crypto industry.

Biden and Trump’s engagement with the crypto community highlights the growing importance of digital assets in political strategies. Siddarth Singhal, Head of Business Development at Tezos-based blockchain research firm Trilitech, highlighted the broader impact of crypto engagement in the current presidential election.

“The US has already had over 15% of the voter base interact with or own crypto, and 13 of the top 25 US hedge funds have bought BTC ETFs in Q1 of this 2024 year. That’s a decent penetration compared with any other major issues. There is no going back and the trends are only going in one direction. Policymakers ought to be engaged and believe the crypto PACs are just getting started,” Singhal told BeInCrypto.

As the 2024 elections approach, their differing approaches could shape the future of crypto regulation and adoption in the United States.

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