U.S. presidential candidates vie for crypto industry support

Ahead of the upcoming November elections in the USA, President Joe Biden and former President Donald Trump, who are both running for office again, have begun their campaign activities, and their actions towards the crypto industry are drawing attention.

President Joe Biden is reported to be interacting with key figures in the crypto industry during his election campaign, similar to his rival Donald Trump. This marks a significant change in the stance of the presidential candidates, who were previously known for their distant approach to the crypto sector.

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.