President Joe Biden’s re-election campaign has reportedly reached out to the crypto industry, seeking guidance on community and policy matters in a significant shift from its previous stance. This engagement, which began about two weeks ago, marks a departure from the administration’s earlier approach to digital assets, according to a new report from The Block.
The outreach follows backlash against the Biden administration’s plan to veto the repeal of SAB 121, a measure criticized for potentially hindering financial institutions from offering crypto asset custody services. The move is seen as a response to the growing recognition of the crypto industry’s significance and its potential impact on the upcoming presidential race.
Former President Donald Trump has recently announced that his campaign will accept crypto donations and has expressed pro-crypto views, positioning himself as a candidate supportive of digital assets. This development underscores the increasing importance of digital assets in the political landscape, with both major candidates vying for crypto community support.
While Trump’s campaign has embraced digital asset donations, the Biden campaign’s outreach has received mixed reactions within the crypto industry. Some view it as a positive step towards integrating digital assets into the financial system, while others remain skeptical, viewing it as a late attempt to win over pro-crypto voters.
Ripple has also contributed $25 million to Fairshake, a federal super PAC supporting pro-crypto candidates, highlighting the growing political engagement of major crypto firms in influencing policy.
A recent survey found that US voters who own crypto favor Donald Trump over Joe Biden in the upcoming election, reflecting the increasing importance of crypto policy in shaping voter sentiment.
Senator Cynthia Lummis, a proponent of pro-crypto legislation, believes recent victories in Congress signal a promising future for the sector, with many industry members optimistic about the upcoming election’s impact on digital assets in the US.
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**Meta Description:** President Joe Biden’s re-election campaign has started engaging with the crypto industry, seeking guidance on community and policy matters. This signifies a shift in tone from the administration’s previous stance. Learn more about the implications for the upcoming presidential race.
**Focus Keyword H1:** President Joe Biden’s Crypto Engagement in 2024 Election
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