President Joe Biden’s re-election campaign has begun reaching out to cryptocurrency industry officials seeking guidance on “the evolution of the crypto community and cryptocurrency policy,” a source with direct knowledge of the matter told The Block. The support marks a significant “change” from Biden’s previous open-ended deals with the industry, according to multiple sources who spoke on condition of anonymity, citing the sensitivity of the ongoing discussions.
The engagement effort, which began about two weeks ago, comes as the Biden campaign becomes increasingly aware of the impact cryptocurrency-related issues could have on the very close presidential race, sources told The Block. As part of that pitch, the re-election team called several cryptocurrency experts, including some industry players that Biden has previously disavowed on several occasions, one of the people said.
The Biden campaign did not immediately respond to The Block’s request for comment outside regular business hours.
The campaign’s new engagement with digital asset experts comes as the Biden administration seeks to veto the repeal of SAB 121, a cryptocurrency legislative measure that cryptocurrency advocates have criticized as potentially hindering financial institutions from providing cryptocurrency asset management services. It comes shortly after opposition to the plans.
This change in tone also follows former President Donald Trump’s recent remarks at the 2024 Libertarian National Convention in favor of cryptocurrencies and opposition to central bank digital currencies (CBDCs), as well as the Trump campaign’s May 21 announcement that it would allow cryptocurrency donations. It follows.
This is a stark contrast to Trump’s recent stance, where he called cryptocurrencies “very dangerous” in 2021. Like President Biden’s campaign, former President Trump had a team that appeared to have moved the presumptive Republican nominee to a more positive stance on digital assets.
“They have very smart, capable people advising on that space, and you’ve seen some of the results of that and you’ll see more of it in the coming months,” said a Trump associate with ties to the cryptocurrency industry.
Sources told The Block that the Biden campaign’s proposal was well-received by many in the cryptocurrency sector. But one source noted that some industry insiders remain skeptical, calling the outreach “too little, too late.”
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