PANews reported on May 30 that according to The Block, US President Biden's campaign team is adjusting its stance on cryptocurrencies and actively interacting with the cryptocurrency industry in anticipation of the 2024 presidential election. The team plans to attract support from cryptocurrency voters by promoting innovation. The Biden campaign team has begun 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 team's attitude toward cryptocurrencies, and that they are more willing to understand digital assets and their communities.
This new outreach effort comes shortly after the Biden administration signaled it would veto an alleged anti-crypto bill in the face of opposition. This shift in attitude shows a sharp difference from the previous cold attitude towards 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 generated by quickly buying and selling the same or similar crypto investments. The move is expected to increase revenue by about $31.6 billion over a decade.