President Joe Biden Strengthens His Campaign by Raising Awareness in the Crypto Industry

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

A recent report reveals that Biden seeks to understand “the crypto community and policy going forward.” This decision reflects a major change from its previous position.

Biden Campaign Accelerates Crypto Involvement, Shifts Approach

This communication started two weeks ago, where Realize Team Biden The potential impact of cryptocurrency issues on the hotly contested presidential race. The re-election team reached out to several crypto experts, including those who had previously been shunned by Biden.

Biden's new approach also became evident during the response to the passage of the Financial Innovation and Technology for the 21st Century (FIT21) bill. Although the administration opposed the bill, it did not threaten to veto it, unlike Staff Accountability Bulletin 121 (SAB 121). Experts also point out that political considerations influence the initial approval of Ethereum (ETH) exchange-traded funds (ETFs).

Biden's change in approach to the cryptocurrency sector makes sense, especially as his main rival, former US President Donald Trump, takes an ambivalent stance. BeInCrypto previously reported that Asset He has always shown his support for the crypto industry.

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"I will ensure that the future of crypto and Bitcoin is made in the United States. I will support the right of self-custody for the country's 50 million cryptocurrency holders," Trump said in a speech last weekend.

Additionally, Trump accepted campaign donations in cryptocurrencies such as Bitcoin (BTC) and ETH And Dogecoin (DOGE).

Recently, Trump reportedly explored the idea of ​​using... Bitcoin Proceed 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. Billy admitted he had ideas but wasn't ready to discuss them during their first meeting.

Notably, Trump was once skeptical of cryptocurrencies during his presidency from 2017 to 2021. However, his recent investigations indicate a major shift. Which reflects his evolving attitude towards the crypto industry.

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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 cryptocurrencies' involvement in the current presidential election.

“In the US, over 15% of the voting base interacted with or owned cryptocurrencies, and 13 of the top 25 US hedge funds purchased BTC ETFs in Q1 2024. This is a decent breakthrough compared to any other major problem. “There is a reversal and the trends are only going in one direction. Policymakers should be involved and believe that crypto PACs are just getting started,” Singal told BeInCrypto.

As the 2024 election approaches, their different approaches could shape the future of crypto regulation and adoption in the United States.