Prior to the upcoming election season in the United States, numerous cryptocurrency holders have voiced their criticisms towards President Joe Biden, Democratic Party lawmakers, and the officials he has appointed to regulate the industry within his administration. While President Biden has not frequently addressed the topic of cryptocurrency publicly, there are signs that this may change as Election Day draws near.
Since assuming office, President Biden has played a role in bringing cryptocurrency to the forefront of presidential politics. Shortly after his inauguration, he nominated Gary Gensler to lead the U.S. Securities and Exchange Commission (SEC). In March 2022, he signed an executive order aimed at establishing a regulatory framework for digital assets. In 2024, the President made headlines by vetoing a resolution seeking to overturn an SEC accounting rule pertaining to banks and cryptocurrency.
Many cryptocurrency users in the U.S. have held President Biden responsible for the negative stance taken by lawmakers within his party towards legislation and policies that could have benefited the digital asset industry. Democratic Senator Elizabeth Warren has been particularly vocal in her opposition to cryptocurrency, often linking it to illegal activities such as terrorism financing.
Under Gensler’s leadership, the SEC has intensified its enforcement actions against cryptocurrency companies, resulting in pending cases against Ripple, Coinbase, Kraken, and others. Gensler has emphasized the importance of companies engaging with the SEC to ensure legal compliance when offering their products and services in the U.S. However, critics have accused the regulator of applying securities laws inconsistently, with recent reports suggesting that Ether may be classified as a security.
In contrast, former President Trump has had a tumultuous relationship with cryptocurrency. He initially instructed his Treasury Secretary, Steve Mnuchin, to target Bitcoin in 2018 during his presidency, only to later dismiss cryptocurrencies as not being real money and likening them to a potential disaster. Following his departure from office in January 2021, Trump went as far as calling Bitcoin a scam.
It wasn’t until December 2022 that Trump began to show more openness towards embracing digital assets, launching a collection of non-fungible tokens (NFTs) shortly after announcing his bid for reelection in November 2022. After winning the Republican nomination in 2023 and 2024, Trump declared that his campaign would accept cryptocurrency donations and proposed having all remaining Bitcoin mined in the U.S.
The shifting positions of both President Biden and Trump on cryptocurrency have raised questions about their stance on digital assets and how it may impact the industry. Reports suggest that President Biden may be considering a more favorable approach towards cryptocurrency legislation, including accepting campaign contributions in Bitcoin and influencing policy at the SEC.
As the June 27 presidential debate between President Biden and Trump approaches, the crypto community remains divided on their support for each candidate. While some cite the nonpartisan nature of cryptocurrency, others express concerns about the future of the ecosystem in the U.S. Regardless of the outcome, the influence of crypto voters on the 2024 election is undeniable.