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Home » Is Biden altering his approach to cryptocurrencies in anticipation of the Trump debate
Is Biden altering his approach to cryptocurrencies in anticipation of the Trump debate
Is Biden altering his approach to cryptocurrencies in anticipation of the Trump debate

Is Biden altering his approach to cryptocurrencies in anticipation of the Trump debate

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By admin on 2024-06-21 Regulations Security

Well ahead of the upcoming election season in the United States, numerous cryptocurrency holders have voiced their disapproval of President Joe Biden, Democratic Party lawmakers, and officials selected by him to serve as regulators within his administration. While President Biden has not frequently discussed cryptocurrencies publicly, it seems that his stance may be evolving as Election Day draws near.

Since assuming office, President Biden has played a role in bringing cryptocurrencies further into the mainstream political discourse. Shortly after his inauguration, he nominated Gary Gensler to lead the U.S. Securities and Exchange Commission. In March of 2022, he issued an executive order aimed at establishing a regulatory framework for digital assets. Furthermore, in 2024, the President announced and followed through with a veto of a resolution aimed at overturning an SEC accounting rule pertaining to banks and cryptocurrencies.

Many cryptocurrency users in the U.S. also hold President Biden accountable for Democratic lawmakers opposing legislation and policies that they view as beneficial for digital assets. Democratic Senator Elizabeth Warren has been particularly vocal in Congress, often linking digital assets to the funding of terrorism and illicit activities.

Under Gensler’s leadership, the SEC has intensified its enforcement actions against cryptocurrency companies, with ongoing cases involving Ripple, Coinbase, Kraken, and others. Publicly, Gensler has emphasized that collaborating with the SEC is the best approach for crypto projects to legally offer their services in the U.S. However, several companies have criticized the regulator for inconsistent enforcement of securities laws, particularly following reports that the SEC was contemplating classifying Ether as a security.

In contrast, former President Donald Trump’s stance on cryptocurrencies has been turbulent. He transitioned from instructing his Treasury Secretary, Steve Mnuchin, to target Bitcoin in 2018 during his presidency to dismissing cryptocurrencies as “not money” and being “based on thin air” in 2019. Following his departure from office in January 2021, Trump went as far as calling Bitcoin a potential scam and cryptocurrencies a disaster waiting to happen.

Only in December 2022 did Trump appear more open to embracing digital assets, launching an NFT collection shortly after announcing his bid for reelection as U.S. President on November 15, 2022. After surpassing other pro-crypto Republican candidates in 2023 and 2024, Trump declared that his campaign would accept cryptocurrencies and aimed to have all remaining Bitcoin mined in the U.S.

With Trump’s fluctuating stance on crypto, many are uncertain about the potential impact of his reelection on digital assets. Reports suggest that President Biden may be contemplating appealing to crypto voters by moderating his stance on digital asset legislation, accepting campaign contributions in Bitcoin, and influencing related policies at the SEC.

Following President Biden’s statement about vetoing an SEC rule on banks handling cryptocurrencies, the White House hinted that he may not do the same for the Financial Innovation and Technology for the 21st Century (FIT21) Act. Despite opposing this digital asset legislation, President Biden expressed a willingness to collaborate with Congress on an alternative bill to establish a regulatory framework for cryptocurrencies. A House vote saw 71 Democratic lawmakers joining forces with a majority of Republicans to pass FIT21.

Analysts at Pantera Capital noted a shift in the Biden Administration’s tone towards the digital asset sector. They mentioned reports of Biden’s reelection campaign reaching out to blockchain industry players for guidance on crypto policy moving forward.

Moe Vela, a former adviser to then-Vice President Biden, emphasized the importance for both Republican and Democratic candidates to clarify their stance on the regulatory environment related to cryptocurrencies. He suggested that acknowledging the impact of the crypto industry, including accepting donations in digital assets, was crucial for appealing to a significant portion of potential voters.

As the June 27 presidential debate approaches, where President Biden and former President Trump will face off in person for the first time since 2020, the crypto industry has shown varying levels of support for both candidates. Some choose to support President Biden due to the nonpartisan nature of crypto, while others express concerns about the ecosystem’s future in the U.S., regardless of their eligibility to vote.

With the U.S. election scheduled for November 5, and Trump facing sentencing in New York on July 11, the political landscape surrounding cryptocurrencies continues to evolve. The influence of crypto voters is becoming increasingly significant in shaping the 2024 election and beyond.

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