US election: Biden with a U-turn on Bitcoin and crypto?
According to reports, President Joe Biden's campaign team has made increased contact with companies from the crypto sector in recent days. According to sources from the crypto news medium The Block, the aim is to obtain advice on how to deal with the sector and the community for Bitcoin and Co.
Biden with a U-turn on Bitcoin and crypto?
At the beginning of the month, the Biden administration caused displeasure in the crypto sector and in politics with an announced veto. The proposed resolution H.J. Res. 109 was intended to lead to more crypto-friendly regulation for US banks and overturn the SAB 121 directive, which makes it extremely difficult for financial institutions to offer custody services for Bitcoin and cryptocurrencies - Blocktrainer.de reported.
When Republican presidential candidate Donald Trump subsequently criticized Biden for his anti-crypto stance and discovered Bitcoin and Co. as a campaign issue for himself, the topic increasingly became the focus of attention. Meanwhile, a survey commissioned by asset manager Grayscale came to the conclusion that digital assets play a role in the voting decision of a third of eligible voters in the US. 37% also stated that they are paying more attention to positions on Bitcoin and cryptocurrencies in this US presidential election than in previous ones.
President Biden now seems to have realized that the political handling of cryptocurrencies is of great relevance to US citizens. As part of the crypto-friendly FIT21 bill, which has already passed the US House of Representatives, the Biden administration last week showed itself to be open to a revision of the currently restrictive regulation of the sector - Blocktrainer.de reported. According to rumors, pressure from the Biden administration is also behind the unexpected approval of Ethereum spot ETFs.
The speculation that the Biden administration is performing a U-turn in the background is gaining further momentum with the latest report from The Block - even if Biden, unlike Trump, has not yet made a clear public commitment to Bitcoin and Co.
Biden's election campaign team enters into exchange with the crypto industry
According to sources at The Block, the president's team has been increasingly approaching entities from the crypto sector in recent days. Specifically, it is said that Biden's campaign team is seeking advice on the crypto community and policy.
The Block's anonymous sources report that they have noticed a significant turnaround in the tone of the Biden administration and campaign towards cryptocurrencies in the last two weeks. The team around the incumbent president is said to be showing great willingness to understand the issue.
These overtures are said to have been received positively by many in the sector. Others, however, remain skeptical and describe the move as insufficient and coming too late, as The Block reports with reference to people familiar with the issue.
It remains to be seen whether the delegation trip announced yesterday by the Biden administration to the "Bitcoin nation" of El Salvador to meet President Bukele has anything to do with the supposed U-turn by the Democratic US administration.
President Biden announces presidential delegation to the Republic of El Salvador to attend the inauguration of His Excellency Nayib Bukele.
From the White House press release
Bitcoin and crypto could decide the US election
According to the betting markets, the probability of US citizens electing former President Donald Trump to the White House in November has risen significantly in recent weeks, to over 50%. It is difficult to estimate how much of this is due to the Republican's "Bitcoin election campaign", which has gained in importance during this period.
It remains to be seen whether President Biden will win back votes with his supposed U-turn on the sector. It can be assumed that some will be skeptical of Biden's pro-crypto stance - provided that the 81-year-old is able to express this decisively to the outside world soon. But even Trump has not always been friendly towards Bitcoin and crypto. In an interview with Fox Business in the summer of 2021, the former president emphasized that Bitcoin looked like a scam to him.
Attitudes towards topics like Bitcoin can change, whether through opportunism or actual conviction. Bitcoin has already arrived in the midst of the US election campaign and the focus on the topic is a positive one from a Bitcoin enthusiast's perspective. Blocktrainer.de will continue to monitor the US election campaign and the role of Bitcoin and cryptocurrencies in it and keep readers up to date.
