The U.S. cryptocurrency industry awaits a change in Biden: 'It can't get any worse'"
The crypto industry in the United States is eagerly awaiting President Joe Biden's departure from the upcoming election race. Several industry lobbyists have stated that any other Democratic candidate would be better than the current head of state.
The Biden administration is highly unpopular among crypto enthusiasts for various reasons, from the Securities and Exchange Commission's "crusade" against crypto companies to vetoing key bills supporting the industry.
"The industry's consensus is that anyone—even another Democratic administration—would be better than what we have now," emphasized one crypto lobbyist.
Crypto policy experts believe the issue lies in the disproportionately strong influence of prominent cryptocurrency critic Senator Elizabeth Warren on the Biden administration's financial policies. According to one specialist, Warren appears to have personally selected key appointees to relevant agencies, and her "fingerprints" are visible in all White House decisions related to cryptocurrencies.
"If Biden is 'removed,' then Warren's significant influence on presidential financial policy would also be sidelined," noted the expert.
Another hopeful factor for the crypto lobby is age. The most active Democratic supporters of cryptocurrencies tend to be younger. Given the central role of age in Biden's current legitimacy crisis, most leading candidates to replace him—Vice President Kamala Harris, Michigan Governor Gretchen Whitmer, and Maryland Governor Wes Moore—are significantly younger than the current president.
"I think younger members of the party have a good chance of rising to the top and being much more friendly to the crypto industry," opined one expert.
However, not everyone shares optimism about Biden's potential resignation. A prominent crypto lobbyist dismissed such forecasts as "unprofessional."
"You have to play the cards you're dealt. We have this administration, this SEC chair, this Congress, and we must do what we can right now," he stated.
Meanwhile, Republicans are actively trying to attract the crypto community to their side. On July 8th, the Republican Party adopted a party platform that openly supports cryptocurrencies for the first time by a major American political force.
"It's quite clear that if Trump and the Republicans come to power, it will definitely be a positive event for the crypto industry," noted Kristin Smith, CEO of the influential lobbying group Blockchain Association.
