Tech
Joe Biden’s campaign engages with the cryptocurrency industry ahead of the US election
President Joe Biden began seeking input from the cryptocurrency industry during the presidential race. This cryptocurrency-friendly approach represents a significant departure from when Biden proposed it imposing a 30% tax on cryptocurrency mining power.
According to anonymous sources reported by the sector news outlet The Block, the campaign began reaching out to cryptocurrency experts and industry players, seeking guidance on the “crypto community and crypto policy moving forward.” The requests for comment are apparently a consequence of Biden recognizing the potential impact of cryptocurrency issues on the upcoming election.
A sudden change
The campaign’s engagement with the cryptocurrency industry follows opposition from the crypto community to that of the Biden administration vow to veto THE repeal of SAB 121. The controversial bill in question has been criticized for potentially discouraging financial institutions from providing cryptocurrency custody services by placing them on their balance sheets. Senator Cynthia Lummis (R-Wyo.) praised the repeal:
This is a victory for financial innovation and a clear rebuke to the way the Biden administration and President Gary Gensler have treated crypto assets and marks the first time both houses of Congress have passed standalone cryptocurrency legislation. President Biden must take note of the bipartisan support this CRA has received in both the House and Senate and sign it into law.
Biden’s newfound interest in the cryptocurrency industry also follows the announcement of this by the Trump campaign accept crypto donations AND his recent pro-cryptocurrency observations. This marks a significant change in Trump’s position as well, as he has previously stated Bitcoin (BTC) “a scam against the dollar” in 2021.
Bitcoin price action
Second CoinGecko data, Bitcoin, the world’s largest cryptocurrency by market capitalization, is currently trading at $68,567, up 1.79% in the past 24 hours. The price has seen a significant increase of 11.99% in the last 30 days and a notable 147.98% in the last one year. Bitcoin’s market capitalization stands at $1.35 trillion, with 24-hour trading volume reaching $11.11 billion.
Sentiment among traders remains bullish, with 82.06% of votes indicating a positive outlook. Despite falling 7.36% from the all-time high of $73,738 reached on March 14, 2024, Bitcoin continues to dominate the cryptocurrency market.