Coinspeaker Political Drama Unfolds as Joe Biden’s Camp Changes Tone on Crypto
In what might be a surprising turn of events, President Joe Biden’s re-election campaign has begun reaching out to key players within the crypto industry. According to a report, Biden’s team is keen to learn from those who know the intricacies of the “crypto community and crypto policy”.
The recent move, however, comes as a shock. That is considering the manner in which Biden’s administration has always dealt with the crypto industry up until now. It’s needless to say that Biden has always had a cautious approach to crypto and all that it stands for.
Joe Biden Intensifies Crypto Engagement Efforts
According to anonymous sources with good knowledge of the matter, the engagement effort started some two weeks ago. Biden’s camp seems to have suddenly realized the potential impact that their stance on crypto may have on a presidential race that will most likely go to the wire. Hence, the re-election team has reportedly signaled several crypto enthusiasts, trying to onboard them to learn the way forward. Sources even claim that some of these crypto individuals are people who Biden may have rebuffed in the past.
Meanwhile, it might be worth noting that the campaign’s shift towards digital assets experts comes following a recent backlash on Biden’s administration. News filtered that Biden was planning to veto the overturn of SAB-121, a controversial rule that sought to prevent financial institutions from providing crypto asset custody services. However, crypto advocates immediately kicked, citing how the administration has been attempting to stifle innovation by any means necessary.
Moreover, former president and major competition Donald Trump has recently been a vocal advocate for crypto. On May 21, Trump’s campaign announced that it would accept cryptocurrency donations. He also made noticeable statements in support of crypto at the 2024 Libertarian National Convention.
Playing to the Camera?
Interestingly, Biden’s change of tone is not exactly different from Trump’s. Trump, for instance, has not always been pro-crypto. Up until 2021, the former president thought of cryptocurrency as “a very dangerous thing”. Therefore, while the Biden campaign’s sudden U-turn has been well-received by many in the crypto sector, many skeptics still remain.
They believe that many of these moves are only political and may not exactly represent the true beliefs of the candidates.
Either way, a source revealed that Biden’s outreach effort at this point may already be “too little, too late”.
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Political Drama Unfolds as Joe Biden’s Camp Changes Tone on Crypto