Investing.com – On the eve of the upcoming November US elections, President Joe Biden and former President Donald Trump, who are running for office again, have begun their campaign activities and actions towards the manufacturing industry. Cryptocurrencies are attracting attention.
President Joe Biden is reported to be interacting with key figures in the cryptocurrency 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 aloof approach towards the crypto sector.
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Biden shifts focus to cryptocurrencies in 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 cryptocurrency-focused bill in recent weeks. Although the Biden Administration opposed the bill, it avoided stating that it would be vetoed, thus adopting a more moderate policy.
A similar situation applies to spot ETFs. Some commentators, including Ark Investment CEO Cathie Wood, have characterized the SEC's surprising approval of Ethereum ETFs as politically motivated.
Donald Trump also stands out with crypto promises
Former President Donald Trump, in his past statements, had expressed his unfavorable opinion about the dollar, considering it a threat to the dominance of the dollar and even calling it a fraud.
However, Trump's current approach towards the crypto sector appears to have changed. He has promised to shape the future of cryptocurrencies, including Bitcoin, in the United States 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.
Additionally, Trump has started accepting campaign donations in BTC, ETH, and . There is also speculation that Trump could consider using Bitcoin to address the United States' $35 trillion debt.
As elections approach in late 2024, there is speculation that more moderate steps could be taken regarding crypto regulations based on election promises. If the presidential candidates follow through on their post-election promises, it is believed that cryptocurrency adoption in the US could increase more rapidly.
