Biden administration to take part in talks with Bitcoin proponents
According to an exclusive report by Bitcoin Magazine, the Biden administration will take part in a roundtable discussion on how to keep Bitcoin and blockchain innovation at home.
In addition to representatives of the Biden administration, senators and congressmen, entrepreneurs such as crypto-friendly billionaire Mark Cuban are also expected to attend. This is according to an email obtained by the news medium, which was written by Republican Congressman Ro Khanna, who is organizing the roundtable in Washington at the beginning of July.
The "most important meeting"
The email in question states that the roundtable would be "the most significant meeting to date between policy makers and blockchain innovation leaders". According to the email, the roundtable will work out a strategy on how to "keep Bitcoin and blockchain innovation in the United States".
Mark Cuban, the only person mentioned by name apart from Congressman Khanna, recently attracted attention with a post on the 𝕏 platform. In it, the billionaire stated that, in his opinion, neither Trump nor Biden really understand the crypto sector, but that the incumbent president must choose between crypto voters and Gary Gensler, the head of the Securities and Exchange Commission, who is considered hostile to the asset class, in order not to lose his job.
Ro Khanna, the panel's organizer, is a supporter of the sector. He spoke out publicly in favor of the crypto-friendly bill FIT21, which the majority in the House of Representatives voted for.
The White House should support [the] FIT21 bill to provide regulatory clarity for blockchain and crypto and support these jobs here in the US.
Ro Khanna on 𝕏
Thus, the topic of the roundtable as well as the only two people known so far suggest that this meeting is an effort on the part of the Biden administration to position itself more openly for Bitcoin and Co. in the future.
Is Biden making a U-turn?
The meeting, which is likely to take place in a few weeks, once again underlines the central role that Bitcoin and cryptocurrencies will play in the upcoming US election campaign. The announcement is also a further indication that - after Donald Trump pledged his support for the asset class during his election campaign - President Joe Biden now also wants to be more open.
Biden and the Democrats are generally perceived by citizens as opponents of Bitcoin and the like - and not without reason. For example, the Biden administration tried several times to introduce a special tax on Bitcoin mining. However, since Trump started campaigning for voters with his pro-Bitcoin stance, there seems to be a change of heart.
According to people familiar with the matter, the Biden administration has already sought advice from companies in the crypto sector in recent weeks. Recently, the president's campaign team is also said to have made efforts to accept campaign donations in Bitcoin and other cry ptocurrencies in order to emulate Donald Trump.
Unlike Trump, however, Joe Biden has not yet made any pro-Bitcoin statements. At the end of May, the incumbent president even blocked the resolution that would have led to more crypto-friendly banking regulation and which had also received strong support from his party. While concrete steps by the Biden administration to confirm the supposed turnaround are still to come, former President Trump continues to attack his opponent for his anti-crypto stance. At the same time, Donald Trump continues to widen his lead according to the betting markets.
At a campaign event to mark his 78th birthday two days ago, the Republican reiterated that he will end Biden's fight against Bitcoin and cryptocurrencies and is committed to keeping the industry in the country.
To continue to secure America's future and create opportunities for young people, I will end Joe Biden's war on crypto and we will make sure that the future of crypto and Bitcoin is made in America.
Trump at a campaign event in Florida
A few days ago, Trump also met with representatives of the Bitcoin mining industry and emphasized that Bitcoin mining is a "line of defense" against a central bank digital currency, which the 78-year-old has spoken out against on several occasions. Trump also announced that he wanted "all remaining Bitcoin in the US to be mined" - Blocktrainer.de reported.
US election campaign only just beginning
As the Americans will not elect their president until November 5, 2024, a lot is likely to happen between now and then - including with regard to Bitcoin and cryptocurrencies. It remains to be seen if, when and with what tone Joe Biden wants to win (back) the votes of the Bitcoin and crypto community.
However, US citizens are likely to perceive Trump as more authentic in this respect, as he played this card long before Biden and the incumbent president does not yet seem to be sure exactly what his stance on the asset class is. Should Biden soon also present himself as the "crypto president", it remains to be seen how this will be received by voters.
Whatever the outcome of the presidential election, Bitcoin has arrived in the midst of the campaign and presidential candidates are trying to win votes with a pro-Bitcoin stance - even if this is probably purely opportunistic. This illustrates how far the asset, which is only 15 years old, has come so far.
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