According to sources familiar with the matter, The Block reports that US President Joe Biden’s reelection campaign has begun reaching out to participants in the cryptocurrency industry, seeking guidance on “the cryptocurrency community and future cryptocurrency policies.” It is said that this contact signifies a “shift” in Biden’s approach to the cryptocurrency industry.
According to insiders, this series of contacts started approximately two weeks ago, around the same time the White House announced President Biden’s plan to overturn the controversial cryptocurrency accounting rule, Statement of Accounting Bulletin (SAB) 121. SAB 121 is a contentious regulation that could hinder financial institutions from providing custody services for cryptocurrencies. Due to strong opposition from cryptocurrency advocates, the Biden camp is becoming increasingly aware of the impact of cryptocurrency-related issues on the next presidential election and has begun engaging with industry experts.
As part of these outreach efforts, the Biden team has made phone calls to several cryptocurrency experts, including some individuals who were previously rejected by Biden. This shift in attitude also aligns with the Trump campaign team’s announcement on May 21 to accept cryptocurrency donations and their statements supporting cryptocurrencies and opposing central bank digital currencies (CBDCs) at the 2024 Libertarian National Convention. Sources reveal that the Biden campaign’s outreach has been well-received by many individuals in the cryptocurrency industry. However, some insiders have pointed out that some industry figures remain skeptical, believing that this contact is “too late and limited in its effectiveness.”
