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Joe Biden campaign reaches out to cryptocurrency industry ahead of US election

During his presidential campaign, President Joe Biden began seeking input from the cryptocurrency industry. This crypto-friendly approach is a significant departure from when Biden proposed a 30% tax on cryptocurrency mining.

According to industry news outlet The Block, anonymous sources revealed that the Biden campaign has begun contacting cryptocurrency experts and industry insiders seeking guidance on the “future development of the cryptocurrency community and cryptocurrency policy.” The request for advice appears to be because Biden is aware of the potential impact that cryptocurrency-related issues may have on the upcoming election.

Sudden change

The event’s collaboration with the crypto industry comes after the crypto community’s opposition to the Biden administration’s vow to veto the repeal of SAB 121. The controversial bill has been criticized because it could prevent financial institutions from offering crypto asset custody services by preventing them from listing them on their balance sheets. Senator Cynthia Lummis (R-Wyo.) praised the repeal bill:

This is a win for financial innovation and a clear rebuke of the Biden administration and Chairman Gary Gensler’s approach to crypto assets, marking the first time that standalone crypto legislation has passed either house of Congress. President Biden needs to take note of the bipartisan support the CRA has received in both the House and Senate and sign it into law.

Biden’s new interest in the cryptocurrency industry also stems from the Trump campaign’s announcement that it would accept cryptocurrency donations and his recent pro-cryptocurrency comments. It also marks a significant shift in Trump’s stance, as he previously called Bitcoin (BTC) a “scam against the dollar” in 2021.

Bitcoin price trend

According to Coingecko, the world’s largest cryptocurrency by market capitalization is currently trading at $68,567, up 1.79% in the past 24 hours. The price of Bitcoin has risen sharply by 11.99% in the past 30 days and 147.98% in the past year. Bitcoin has a market capitalization of $1.35 trillion and a 24-hour trading volume of $11.11 billion.

Trader sentiment remains bullish, with 82.06% of votes indicating a positive outlook. Although Bitcoin is down 7.36% from its all-time high of $73,738 set on March 14, 2024, it still dominates the cryptocurrency market.

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