Regulation
Joe Biden Drops Out of US Elections: What Do His Potential Cryptocurrency Replacements Think?
- Biden has dropped out of the re-election race just 25 days after a dramatic debate.
- While Harris does not have a clear stance on cryptocurrencies, a possible second term for Trump could significantly benefit US companies in the sector.
It took Joe Biden just 25 days to change his mind about his new candidacy for the presidency of the United States and announce his resignation. The current president of the United States gave a terrible performance in a debate with Donald Trump that opened the eyes of many voters.
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Now, less than a month later, Biden has said he will not run for reelection, amid mounting criticism from all sides. Biden made the announcement over the weekend, saying he will finish out his current term until a new president is elected and takes office.
Community hopes for a pro-crypto candidate
The cryptocurrency community has recently applauded Donald Trump, who will run for the Republican Party. Trump, a former cryptocurrency critic, recently expressed his support for the sectorAfter Trump’s failed assassination attempt, many thought his chances of winning the election were far superior to Biden’s. Now everything seems to be up in the air.
While Biden has expressed his support for Vice President Kamala Harris, it is not yet clear who Democrats will choose to nominate.
In any case, Harris is not known for a strong stance on cryptocurrencies. She hasn’t spoken out much in the past for or against them. And a lot of that may be due to the relatively low profile she’s had during Biden’s term.
While Harris is a pro-Silicon Valley Californian and an investor in various assets, according to recent revelations, digital assets are absent from her portfolio.
Bloomberg Says Trump Is a Crypto Winner
Regardless of which Democrat is tasked with challenging Trump, it won’t be an easy battle. Many in the industry have already expressed their support for the former president, and it will likely take some convincing to change their minds. At the very least, the new Democratic nominee would need to be much less anti-crypto to convince single-issue voters to side with them.
Bloomberg recently noticed that Trump could prove to be a real winner for companies that have been left in the dark or faced lawsuits, thanks to an anti-cryptocurrency regulatory approach.
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Bloomberg said a second Trump presidency could make U.S. banks more open to cryptocurrency firms, helping the industry by offering more banking options. However, they added that it could challenge offshore cryptocurrency firms like Binance and OKX, as looser U.S. regulations would allow American firms to offer competitive trading services like higher leverage and more diversified futures and options.
Whatever happens in the future, cryptocurrencies are becoming an increasingly important election issue, and both candidates should embrace it rather than seek coercive action.