As the presidential campaign approaches, the future of cryptocurrencies has become a major topic of discussion among cryptocurrency users, investors and executives. The development of the U.S. cryptocurrency industry may depend on the new president's views on cryptocurrencies.
It appears that incumbent President Joe Biden, who is running for a second term, has begun to pay attention to digital currencies, especially Bitcoin.
Biden’s reelection campaign has begun to center on cryptocurrencies, seeking advice from major market players on the broader crypto community and current governance policies.
Over the years, Biden has not made any specific comments on cryptocurrencies and digital currencies. However, an executive order signed in March 2022 highlighted the need for the Biden administration to prioritize user security.
Notably, the order calls for further investigation into the merits and drawbacks of cryptocurrencies, focusing on six main areas: financial stability, consumer protection, U.S. competitiveness, illicit activity, responsible innovation, and financial inclusion.
In addition, it also provides more space for in-depth research on the US central bank digital currency (CBDC).
An excerpt from the executive order reads: “The Administration places a high priority on research and development of potential designs and deployment options for a United States CBDC.”
The positive sentiment was confirmed by inside sources, who, albeit anonymously, noted that Biden’s views on cryptocurrencies have softened.
According to other sources, the reaction from cryptocurrency players has been generally positive. However, another insider insisted that the sentiment among other key players also reflects skepticism and uncertainty. They reportedly insist that Biden's campaign move cannot come early enough.
On the other hand, former U.S. President and current election candidate Donald Trump, who was once very vocal about his dislike for cryptocurrencies, now seems to be welcoming crypto assets.
Recall that back in 2021, Trump asserted that Bitcoin looked like a scam, adding that his dislike for Bitcoin stems from its competition with the U.S. dollar. He was hesitant to advocate for the U.S. dollar to become the world currency. Recently, Trump was quoted as saying, “To the 50 million cryptocurrency holders across the country, I have this to say: With your vote, I will keep Senator Elizabeth Warren and her ilk away from your Bitcoin.”
Whether his stance is genuine has been a hotly debated topic among cryptocurrency market participants. #拜登 #加密货币
Conclusion:
As the U.S. presidential election approaches, the cryptocurrency industry has become a focus on the political agenda. President Biden’s re-election campaign has begun to pay attention to cryptocurrencies and seek advice from market participants, reflecting the government’s shifting attitude towards cryptocurrencies.
On the other hand, former President Trump's attitude towards cryptocurrencies also seems to be changing, with recent remarks showing a welcoming attitude towards cryptocurrency holders.
The cryptocurrency industry is becoming increasingly important on the U.S. political stage, and the evolution of the policy environment means the industry will face more development opportunities and challenges.