Crypto Industry Divided Over Biden’s Re-Election Amid Regulatory Challenges
As pressure mounts on President Joe Biden to reconsider his re-election campaign, Washington's crypto policy leaders are in a difficult spot.
The crypto industry criticizes Biden’s administration for supporting the SEC’s tough stance on crypto firms and blocking pro-crypto legislation, though some recent gestures from the administration have been somewhat encouraging.
Many crypto policymakers and lobbyists quietly hope Biden steps aside, believing any change would be an improvement. An anonymous lobbyist noted, “The industry believes any alternative would be better. Could it get worse with a less cooperative SEC chair?”
Biden’s legitimacy crisis has led to questions about why his administration is so anti-crypto. Some believe Senator Elizabeth Warren’s significant influence over Biden’s financial policies is the root cause. If Biden steps down, Warren’s influence might diminish.
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Crypto leaders are also optimistic about younger Democrats like Vice President Kamala Harris and Governors Gretchen Whitmer and Wes Moore, who are seen as more open to the industry. However, not everyone agrees on the impact of a Biden exit, with some stressing the importance of working with the current administration and Congress.
As Democrats debate their future, Republicans are actively courting crypto advocates, including pro-crypto positions in their party platform. While bipartisan support would benefit the industry long-term, the outcome of the next election could significantly shape the crypto landscape.
Kristin Smith, CEO of the Blockchain Association, remarked, “If Trump and Republicans take charge, it will likely benefit the crypto industry.”
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
