U.S. presidential candidates vie for crypto industry support

May 31, 2024 06:10 AM AEST | By Investing

U.S. presidential candidates vie for crypto industry support

Biden changes his approach to crypto in his election campaign

The team managing Biden's election campaign has accelerated engagement with several crypto experts, considering that the crypto sector could have a significant impact on the presidential race.

This approach became more evident with the response to a crypto-focused bill in recent weeks. Although the Biden Administration opposed the bill, it avoided stating that it would be vetoed, thereby adopting a more moderate policy.

A similar situation applies to spot Ethereum ETFs. Some commentators, including Ark Investment’s CEO Cathie Wood, have characterized the surprising approval of Ethereum ETFs by the SEC as politically motivated.

Donald Trump also stands out with crypto promises

Former President Donald Trump, in his past statements, had expressed his unfavorable view of Bitcoin, seeing it as a threat to the dollar’s dominance and even calling it a fraud.

However, Trump's current approach to the crypto sector appears to have changed. He has promised to structure the future of cryptocurrencies, including Bitcoin, in the US as part of his campaign promises. Trump also emphasized that there are 50 million crypto investors in the US and expressed his support for citizens’ right to self-custody of their crypto assets.

Moreover, Trump has started accepting campaign donations in BTC, ETH, and DOGE. There are also speculations that Trump might consider using Bitcoin to address the USA’s $35 trillion debt.

As the elections approach towards the end of 2024, there is speculation that more moderate steps could be taken regarding crypto regulations based on election promises. If the presidential candidates fulfill their promises post-election, it is believed that crypto adoption in the US could increase more rapidly.

This article first appeared in Investing.com

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