President Joe Biden began soliciting input from the crypto industry during his presidential campaign. This crypto-friendly approach represents a significant departure from a proposal to impose a 30% tax on crypto mining performance.
According to anonymous sources reported by industry news portal The Block, the campaign has begun reaching out to crypto experts and industry players to seek advice on “future crypto community and crypto policy.” The request for comment appears to come after Biden recognized the potential impact of crypto-related issues on the upcoming election.
Sudden change of course
The campaign’s involvement with the crypto industry follows the crypto community’s resistance to the Biden administration’s pledge to block the repeal of SAB 121. The controversial bill has been criticized for potentially preventing financial institutions from providing crypto custody services by including them on their balance sheets. Sen. Cynthia Lummis (R-Wyo.) praised 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.
Biden’s renewed interest in the crypto industry also follows the Trump campaign’s announcement of accepting crypto donations and recent pro-crypto statements. It also marks a major change in President Trump’s stance, as he previously called Bitcoin (BTC) a “scam against the dollar” in 2021.
Bitcoin Price History
Bitcoin, the world’s largest cryptocurrency by market cap, is currently trading at $68,567, up 1.79% in the past 24 hours, according to CoinGecko data. Prices have recorded a massive 11.99% increase in the past 30 days and a staggering 147.98% increase in the last year. Bitcoin has a market capitalization of $1.35 trillion, with a 24-hour trading volume of $11.11 billion.
The sentiment among traders remains optimistic, with 82.06% of votes indicating a positive outlook. Bitcoin continues to dominate the cryptocurrency market, despite being 7.36% below its all-time high of $73,738 reached on March 14, 2024.
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