Biden Campaign Intensifies Crypto Industry Outreach with Unexpected Tone Shift

President Joe Biden’s re-election campaign has initiated contact with key figures in the cryptocurrency sector, seeking insights on “crypto community and crypto policy moving forward,” according to sources familiar with the matter. 

This outreach, involving calls to prominent industry leaders previously dismissed by Biden’s administration, represents a notable “shift” in the President’s approach to the crypto industry, several sources indicated under anonymity.

This engagement began approximately two weeks ago as Biden’s campaign increasingly acknowledges the potential influence of crypto-related issues on a closely contested presidential race, the sources noted, emphasising the ongoing and sensitive nature of these discussions. As part of this initiative, the re-election team has reached out to several crypto experts, including some industry players previously rebuffed by Biden, one source confirmed.

This new approach toward digital assets emerged shortly after crypto advocates objected to the Biden administration’s plan to veto the repeal of SAB 121, a contentious crypto legislative measure criticised for possibly deterring financial institutions from offering crypto asset custody services.

The shift in tone also coincides with the Trump campaign’s May 21 announcement that it would accept cryptocurrency donations, alongside former President Donald Trump’s recent pro-crypto and anti-CBDC (Central Bank Digital Currency) statements at the 2024 Libertarian National Convention.

This marks a stark contrast to Trump’s position as recently as 2021 when he labelled cryptocurrencies as “a very dangerous thing.” Similar to President Biden’s campaign, former President Trump appears to have been influenced by a team of advisors that have steered him towards a more favourable view on digital assets.

“They have very smart and capable people advising on that front, and you’ve seen some of the results of that and will see more in the coming months,” said a source within Trump’s inner circle with connections to the crypto industry.

It’ll be interesting to see if it’s a little too late for Joey boy to win the “crypto vote”.