President Biden's re-election campaign has begun contacting key figures in the cryptocurrency industry
According to The Block, US President Biden's campaign is adjusting its stance on cryptocurrency and actively interacting with the cryptocurrency industry in anticipation of the 2024 presidential election. The team plans to attract the support of cryptocurrency voters by promoting innovation. The Biden campaign began contacting people in the cryptocurrency industry in the past two weeks, seeking guidance on "crypto communities and policies." Sources said they noticed a clear "shift" in the Biden administration and campaign in their approach to cryptocurrencies, and were more willing to understand digital assets and their communities.
This new effort to reach out came shortly after the Biden administration faced opposition signals that it would veto a so-called anti-crypto bill. This shift in attitude shows a huge difference from its previous cold attitude toward digital assets. In addition, the Biden administration's fiscal 2024 budget proposal includes changes to cryptocurrency tax rules, such as the "wash sale rule," which would eliminate tax deductions for losses incurred by quickly buying and selling the same or similar crypto investments. The move is expected to increase revenue by approximately $31.6 billion over a decade
