The Biden administration has taken a significant step towards engaging with the crypto industry, marking a notable shift from its previously distant approach. This outreach effort, initiated roughly two weeks ago, reflects the administration's growing awareness of the potential impact crypto-related issues could have on the closely contested presidential race.

Sources close to the matter revealed that the Biden administration has been reaching out to crypto industry leaders, seeking guidance on crypto policy and other matters. This move comes as the industry has been critical of the Biden administration's opposition to SAB 121, a crucial crypto legislative measure. The recent engagement by the Biden administration with crypto experts, including some previously rebuffed by Biden, signifies a change in tone.

The crypto industry has been at the forefront of the 2024 presidential election, with the Trump campaign announcing its acceptance of cryptocurrency donations and former President Donald Trump making pro-crypto and anti-CBDC remarks. Ripple CEO Brad Garlinghouse emphasized the need for the United States to catch up with other leading global economies and establish sensible crypto rules. As a result, Ripple recently contributed $25 million to Super PAC Fairshake, which supports pro-crypto candidates.

Ripple's Chief Legal Officer, Stuart Alderoty, highlighted the growing significance of cryptocurrency in the 2024 elections. He emphasized the need for the U.S. to align with other major global centers that have established clear regulatory frameworks for the industry. The Biden administration's crypto outreach plan is seen as a strategic move to counter the Trump campaign's aggressive pitches supporting the crypto industry and to gain a foothold in the rapidly evolving crypto landscape.