[NEW] President Biden may be shifting his stance to support cryptocurrencies as he has contacted industry insiders

There is a possibility that US President Joe Biden will fully support cryptocurrencies with an eye on his reelection in the presidential election in November this year. On the 29th, US cryptocurrency media The Block announced that they will be accepting crypto donations.

According to the report, President Biden has reached out to the cryptocurrency industry to hear more about the expertise on "advancing the cryptocurrency community and cryptocurrency policy."

This initiative marks a notable change in the Biden administration's approach to the cryptocurrency industry, and shows that it is beginning to show understanding of digital assets, including cryptocurrencies.

The Biden campaign's contact with experts appears to have begun about two weeks ago. The Biden campaign has begun to recognize the significant impact that cryptocurrency-related issues will have on the next presidential election, which is expected to be a close race. As part of its contact activities, the Biden campaign has reportedly approached various people familiar with cryptocurrencies.

These moves are also believed to be due to growing opposition to the Biden administration over a bill called "SAB 121." This bill was controversial because it could effectively prevent financial institutions from providing cryptocurrency custody services.

Although a resolution calling for the withdrawal of this bill was passed in both the House and Senate, President Biden indicated his intention to veto it, which also strengthened the headwinds against the administration.

Trump team's actions also have an impact

The Biden administration's change in stance on cryptocurrencies is also due to the fact that former President Donald Trump, the Republican candidate for the US presidential election, has rapidly strengthened his stance on cryptocurrencies. Trump also announced on the 21st of this month that he would accept donations in cryptocurrencies.

Trump was known to have been skeptical of cryptocurrencies during his presidency, but he has changed his stance as part of expanding his support for himself.

Trump's camp has become more positive about cryptocurrencies, partly due to the influence of advisors with ties to the cryptocurrency industry. A source from the Trump campaign said, "We have very smart and capable people advising us on this. We're already seeing some results, and we'll see more in the coming months."

Another source said the Biden campaign's efforts to change course have been well received by the U.S. cryptocurrency industry. However, some industry insiders are skeptical of these efforts, saying they are "too late."

Reference: News

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