- Biden resigned from running for re-election just 25 days after a remarkable debate.
- While Harris lacks a clear crypto stance, Trump’s potential second term could significantly favour US crypto firms.
It only took 25 days for Joe Biden to change his mind about running again for US President and announce his resignation. The current US President delivered a poor performance in a debate with Donald Trump that opened many voters’ eyes.
Related: Cboe Lists Five New Ethereum ETFs Pending Regulatory Approval, Trading Set for July 23
Now, less than a month later Biden said he won’t be running for re-election, after increasing criticism all around. Biden made the announcement over the weekend – he said he will finish his current term until a new president is elected and takes office.
Community Hopes for Pro-Crypto Candidate
The crypto community had recently cheered on Donald Trump, who will be running for the Republican party. Trump, a former crypto critic, has recently voiced his support for the sector. After the failed assassination attempt on Trump, many thought his chances of winning the election were far better than Biden’s. Now that all seems to be up in the air.
While Biden has voiced support for Vice-President Kamala Harris, it’s not clear yet who the Democrats will choose to run.
In any case Harris is not known for a strong stance on crypto. She hasn’t really spoken much against or in favour of it in the past. And a lot of that may be due to the rather low profile she has had during Biden’s term.
Although Harris is a Californian with a pro-Silicon Valley approach and also an investor in various assets, as of recent disclosures, digital assets have been missing from her portfolio.
Bloomberg Says Trump A Winner for Crypto
Regardless of which Democrat is tasked with challenging Trump, it won’t be an easy battle. Many in the industry have already voiced their support for the former president and it likely would take some convincing to change their minds. At least, the new Democratic candidate would need to be much less anti-crypto to get single-issue voters across to their side.
Bloomberg recently noted that Trump could be a real winner for businesses that have been left either in the dark or ended up with lawsuits against them – thanks to an anti-crypto regulation approach.
Related: Anthony Scaramucci on Warren and Gensler’s Crypto Regulation, Praises Trump’s Impact
Bloomberg said a second Trump presidency might make US banks more open to crypto firms, helping the industry by providing more banking options. However, they added it could challenge offshore crypto firms like Binance and OKX, as eased US regulations would allow American companies to offer competitive trading services such as greater leverage and more diverse futures and options.
Whatever happens next, crypto is becoming a more important election issue, and both candidates ought to embrace it, rather than seeking enforcement actions.
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