The Biden administration is reportedly engaging crypto industry participants in policy formulation and other developments, according to sources with knowledge of the situation.
The Biden administration has developed its own strategy for engaging with the cryptocurrency industry, in contrast to former President Donald Trump’s assertive support.
In pursuit of counsel on the trajectory of crypto policy, President Joe Biden has initiated communication with crypto industry executives as part of his re-election campaign.
Joe Biden Sways Crypto Community
This outreach represents a significant “shift” from Biden’s previous distant approach to the industry, according to multiple anonymous sources citing the ongoing and sensitive nature of the discussions.
Commencing approximately two weeks ago, the engagement initiative demonstrates the Biden camp’s increasing cognizance of the potential ramifications that crypto-related matters may impose on a fiercely contested presidential contest.
One source claims that, as part of this outreach, the re-election campaign has reached out to several crypto experts, including industry leaders Biden previously rejected.
Meanwhile, the recent interaction between the Biden administration and crypto industry experts coincides with the industry’s criticism of the administration for its opposition to SAB 121, an important crypto legislative measure.
This shift in stance follows the May 21 declaration by the Trump campaign that it would be accepting donations in cryptocurrencies.
In addition, former President Donald Trump recently addressed the 2024 Libertarian National Convention with pro-crypto and anti-CBDC (Central Bank Digital Currency) sentiments.
Crypto Takes Center state in 2024 Presidential Elections
Brad Galinghouse, the chief executive officer of Ripple, recently stated that the United States must quickly catch up to other leading global economies and establish sensible crypto regulations.
Consequently, Ripple recently declared a $25 million contribution to the super PAC Fairshake, which supports pro-cryptocurrency candidates participating in the forthcoming electoral campaigns.
Stuart Alderoty, chief legal officer of Ripple, has underscored the increasing importance of cryptocurrencies in the upcoming 2024 elections.
Ripple will continue to support policies and policymakers that advance the United States in the cryptocurrency industry, according to Alderoty.
Furthermore, he emphasized the necessity for the United States to conform to other prominent international hubs that have established unambiguous regulatory structures for the sector.
