As former President Donald Trump champions the crypto industry, President Joe Biden's administration has launched its own campaign to engage with the sector. To bolster his re-election efforts, Biden is now reaching out to crypto leaders for advice on future policy directions.

Biden’s Shift in Crypto Strategy

According to several anonymous insiders, Biden’s recent outreach represents a significant change from his previous stance on cryptocurrency. The engagement, which started about two weeks ago, highlights the administration’s growing recognition of the potential influence of crypto issues on the upcoming presidential race. Biden's team has contacted various crypto experts, including some who were previously disregarded by the administration, signaling a new willingness to engage with the industry.

This new approach comes as the crypto community criticized the Biden administration for opposing SAB 121, an important crypto legislative measure. The shift also follows Trump’s May 21 announcement that his campaign would accept cryptocurrency donations. Additionally, Trump made pro-crypto and anti-CBDC (Central Bank Digital Currency) remarks at the 2024 Libertarian National Convention.

Crypto’s Growing Importance in the 2024 Elections

Ripple CEO Brad Garlinghouse recently emphasized the importance of the U.S. catching up with other global economies in creating sensible crypto regulations. Ripple has pledged $25 million to the Super PAC Fairshake, which supports pro-crypto candidates in the upcoming elections.

Ripple’s Chief Legal Officer, Stuart Alderoty, underscored the increasing role of cryptocurrency in the 2024 elections. He affirmed that Ripple will continue to support policies and politicians that help the U.S. advance in the crypto arena. Alderoty stressed the necessity for the U.S. to align with other major economies that have already established clear regulatory frameworks for the industry.

In summary, as the 2024 presidential race heats up, both Biden and Trump are making significant moves to engage with the crypto community, recognizing its growing importance on the national stage.