The Block cited sources familiar with the matter, stating that US President Joe Biden’s re-election campaign has begun reaching out to participants in the cryptocurrency industry, seeking guidance on “the cryptocurrency community and future cryptocurrency policies.” It is reported that this contact marks a “shift” in Biden’s handling of the cryptocurrency industry.
According to sources, this series of contacts began approximately two weeks ago, around the same time as the White House announced “President Biden’s plan to reverse the controversial cryptocurrency accounting rule, SAB 121.” SAB 121 is a contentious regulation that could hinder financial institutions from providing custody services for cryptocurrency assets. Due to strong opposition from cryptocurrency advocates, the Biden camp is becoming increasingly aware of the impact of cryptocurrency-related issues on the next presidential election and has started engaging with industry experts.
As part of the outreach efforts, the Biden team has made phone calls to several cryptocurrency experts, including some individuals who were previously rejected by Biden.
This shift in attitude also aligns with the Trump campaign team’s announcement on May 21 that they would accept cryptocurrency donations and their expression of support for cryptocurrencies and opposition to central bank digital currencies (CBDCs) at the 2024 Libertarian National Convention. According to sources, the Biden campaign’s outreach has been well-received by many individuals in the cryptocurrency industry. However, some sources have pointed out that some industry professionals remain skeptical, believing that this contact is “too late and has limited effectiveness.”
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