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President Joe Biden has begun seeking input from the the cryptocurrency industry amid the presidential race. This crypto-friendly approach is a significant departure from when Biden proposed imposing a 30% tax on crypto mining power.
According to anonymous sources reported by industry news outlet The Block, the campaign has started reaching out to crypto experts and industry players, seeking guidance on the “crypto community and crypto policy moving forward.” The requests for comment are seemingly a consequence of Biden recognizing the potential impact of crypto-related issues on the upcoming election.
A sudden shift
The campaign’s engagement with the crypto industry follows the crypto community’s opposition to the Biden administration’s vow to veto the repeal of SAB 121. The controversial bill in question was criticized for potentially discouraging financial institutions from providing crypto asset custody services by placing it on their balance sheets. Sen. Cynthia Lummis (R-Wyo.) commended on the repeal:
This is a win for financial innovation and a clear rebuke of the way the Biden administration and Chair Gary Gensler have treated crypto assets and marks the first time both chambers of Congress have passed standalone crypto legislation. President Biden needs to take note of the bipartisan support this CRA received in both the House and Senate and sign this into law.
The newfound interest in the crypto industry on Biden’s part also follows Trump campaign’s announcement that it will accept crypto donations and his recent pro-cryptocurrency remarks. This marks a significant change in Trump’s stance as well, as he had previously called Bitcoin (BTC) “a scam against the dollar” in 2021.
Bitcoin’s price action
According to CoinGecko data, Bitcoin — the world’s largest cryptocurrency by market cap — is currently trading at $68,567, up 1.79% in the last 24 hours. The price has seen a significant increase of 11.99% over the past 30 days and a remarkable 147.98% over the past year. Bitcoin’s market cap stands at $1.35 trillion, with the 24-hour trading volume reaching $11.11 billion.
The sentiment among traders remains bullish, with 82.06% of votes indicating a positive outlook. Despite being down 7.36% from its all-time high of $73,738 reached on March 14, 2024, Bitcoin continues to dominate the cryptocurrency market.
