Citing people familiar with the matter, The Block reported that U.S. President Joe Biden’s re-election campaign has begun reaching out to participants in the cryptocurrency industry to seek guidance on the “cryptocurrency community and future cryptocurrency policy.” It is reported that this contact marks a "change" in Biden's attitude towards the cryptocurrency industry.
According to sources, this series of contacts began about two weeks ago, at the same time that the White House announced that "President Biden plans to overturn the repeal resolution of the controversial crypto asset accounting regulation "SAB 121", which is a controversial crypto asset accounting regulation. The controversial regulations may prevent financial institutions from providing crypto asset custody services. As this incident has been strongly opposed by cryptocurrency advocates, the Biden camp has become increasingly aware of the impact of cryptocurrency-related issues on the next presidential election and has begun to Connect with industry experts.
As part of the outreach, Biden's team has called a number of cryptocurrency experts, including some in the industry who have been rejected by Biden before.
This change of attitude also echoes the Trump campaign’s announcement on May 21 that it would accept cryptocurrency donations, as well as its pro-cryptocurrency and opposition to central bank digital currency (CBDC) remarks at the 2024 Liberal National Convention. Sources revealed that the Biden campaign’s approach was welcomed by many in the cryptocurrency industry. However, some sources pointed out that some industry insiders are still skeptical and believe that this contact "comes too late and has limited effect."
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