In a surprising development, President Joe Biden’s re-election campaign has started engaging with key figures in the crypto industry. According to reports, Biden’s team is eager to learn from experts in the "crypto community and crypto policy."

This move is unexpected given the Biden administration's historically cautious approach to the crypto sector.

Joe Biden Steps Up Crypto Engagement

Anonymous sources reveal that these engagement efforts began about two weeks ago. Biden's team seems to recognize the potential influence their stance on crypto could have on a closely contested presidential race. Consequently, the re-election team has reached out to several crypto enthusiasts, some of whom Biden may have previously disregarded.

This shift towards engaging digital asset experts follows backlash against Biden’s administration. Recently, news surfaced that Biden was considering vetoing the overturn of SAB-121, a rule aiming to prevent financial institutions from offering crypto asset custody services. Crypto advocates criticized this move, arguing it stifled innovation.

Furthermore, Biden's main competitor, former President Donald Trump, has recently shown strong support for crypto. On May 21, Trump’s campaign announced it would accept cryptocurrency donations, and he has voiced support for crypto at the 2024 Libertarian National Convention.

Skepticism Remains

Biden's shift mirrors Trump’s changing stance on crypto. Trump, who once labeled cryptocurrency as “very dangerous,” has now embraced it. While Biden's new approach has been welcomed by many in the crypto sector, some remain skeptical, believing these moves are primarily political and may not reflect the candidates' true beliefs.

A source suggested that Biden’s outreach effort might already be "too little, too late."