President Biden Turns Gaze to Crypto Industry Amidst Ongoing Campaign

As the Presidential election campaign draws near, the future of cryptocurrency has become a major topic of conversation amongst crypto users, investors, and executives. The progress of the crypto industry in the United States could be determined by the incoming president’s outlook on crypto.

It appears that the current President, Joe Biden, who is also running for a second term, has begun to focus on digital currencies, particularly Bitcoin.

Biden’s re-election campaign has begun to center cryptocurrencies, tapping key market players to seek their counsel on the broader cryptocurrency community and the current governing policies.

Over the years, Biden has made no specific comment on cryptocurrencies and digital currencies at large. However, an executive order signed in March 2022 highlights the need for the Biden administration to prioritize user safety.

Notably, the order called for further investigation into cryptocurrencies’ advantages and disadvantages, with a focus on six major areas: financial stability, consumer protection, U.S. competitiveness, illicit activity, responsible innovation, and financial inclusion.

Additionally, more room was given for the in-depth study of a U.S. Central Bank Digital Currency (CBDC).

Excerpts of the executive order read; “Administration places the highest urgency on research and development efforts into the potential design and deployment options of a United States CBDC.”

Insider sources validate positive sentiments, noting, although anonymously, that Biden’s outlook on cryptocurrency has softened.

According to other sources, the reception from crypto players has been largely positive. However, another insider source insisted that skepticism and uncertainty were reflected in the sentiments of other key figures. They reportedly maintained that Biden’s campaign move did not come in early enough.

On the flip side, former U.S. President and current running candidate Donald Trump, who was previously very vocal about his disdain for crypto seems to be now welcoming of crypto assets.

Recall that back in 2021, Trump asserted that Bitcoin seems like a scam, adding that his dislike for Bitcoin stems from its perceived competition against the dollar. He dither advocated for the dollar to become the currency of the world. More recently, Trump was quoted saying; “To the nation’s 50 million crypto holders, I say this: With your vote, I will keep [Sen.] Elizabeth Warren and her goons away from your bitcoin.”

Whether his position is genuine has been a hot topic among crypto market participants.