President Joe Biden's re-election campaign has begun seeking input from the cryptocurrency industry to shape “crypto community and crypto policy moving forward.”
What Happened: The engagement, which began approximately two weeks ago, highlights the campaign's growing recognition of the potential influence of crypto-related issues on the upcoming presidential race, which is expected to be tightly contested, The Block reported on Thursday, citing sources who spoke on the condition of anonymity,
As part of this effort, the re-election team has reached out to various crypto experts, including some whom Biden had previously dismissed.
This newfound interest in the digital assets community follows strong opposition from crypto advocates to the Biden administration’s plan to veto the repeal of SAB 121, a controversial measure that critics argue could deter financial institutions from offering crypto asset custody services.
The shift in Biden’s approach coincides with the Trump campaign's recent embrace of cryptocurrency. On May 21, former President Donald Trump announced his campaign would accept cryptocurrency donations.
Trump has also made pro-crypto and anti-CBDC (Central Bank Digital Currency) statements at the 2024 Libertarian National Convention, a stark contrast to his 2021 remarks where he labeled cryptocurrencies as “a very dangerous thing.”
Sources within Trump's inner circle attribute this change to the influence of knowledgeable advisors on his team.
"They have very smart and capable people advising on that front, and you've seen some of the results of that and will see more in the coming months," said a source close to Trump with ties to the crypto industry.
Reactions to the Biden campaign's outreach have been mixed within the crypto sector.
Also Read: Bitcoin’s New All-Time High Depends On This Macro Indicator: 10x Research
Why It Matters: While many industry players have welcomed the engagement, some remain skeptical, viewing it as “too little, too late.”
Hayden Adams, CEO of Uniswap Labs UNI/USD responded to critics by stating, “The too little too late” and “missing the point.” According to Adams, the “establishment” of the Democratic party “finally realized being anti crypto by letting Warren run financial policy will lose elections.”
These developments and their broader implications for the digital asset market will be key topics at Benzinga’s Future of Digital Assets event on Nov. 19.
Industry leaders will gather to discuss these trends and explore future directions in digital asset investments, providing valuable insights into this rapidly evolving sector.
Read Next: PayPal Launches PYUSD Stablecoin On Solana
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© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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