Biden Administration Shifts Stance on Crypto, Seeks Experts for 2024 Election Strategy
Highlights
- The recent crypto outreach is a notable shift by the Biden administration towards the crypto industry.
- Donald Trump's aggressive crypto campaigns has also forced the Biden administration to look at this industry.
- Ripple CLO Stuart Alderoty stated that crypto is emerging as a pivotal issue in 2024 US Presidential election.
While former President Donald Trump has been making aggressive pitches supporting the crypto industry, the Biden administration has devised its own crypto outreach plan. As part of their re-election campaign, President Joe Biden has started reaching out to crypto industry leaders while seeking guidance on the crypto policy moving ahead.
Joe Biden Sways Crypto Community
According to multiple anonymous sources due to the ongoing and sensitive nature of the discussions, this outreach signifies a notable “shift” from Biden’s previously distant approach to the industry.
The engagement effort, initiated roughly two weeks ago, reflects the Biden camp’s growing awareness of the potential impact crypto-related issues could have on a closely contested presidential race. As part of this outreach, the re-election team has contacted several crypto experts, including some industry players previously rebuffed by Biden, according to one source.
The recent engagement by the Biden administration with experts from the crypto industry comes as the industry lashed out at the Biden administration for opposing SAB 121, a crucial crypto legislative measure. This change in tone comes on the heels of the Trump campaign’s May 21 announcement that it would accept cryptocurrency donations. Additionally, former President Donald Trump recently made pro-crypto and anti-CBDC (Central Bank Digital Currency) remarks at the 2024 Libertarian National Convention.
Crypto Takes Center state in 2024 Presidential Elections
Ripple CEO Brad Garlinghouse recently stated that it’s crucial for the United States to catch up with other leading global economies and build sensible crypto rules. As a result, Ripple recently announced a contribution of $25 million to Super PAC Fairshake, which supports pro-crypto candidates fighting for the upcoming elections.
Ripple’s Chief Legal Officer, Stuart Alderoty, has emphasized the growing significance of cryptocurrency in the 2024 elections. Alderoty stated that Ripple will persist in backing policies and policymakers who advance the U.S. in the crypto sector. He highlighted the need for the U.S. to align with other major global centers that have established clear regulatory frameworks for the industry.
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