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President Joe Biden has begun seeking input from the the cryptocurrency industry amid the presidential race. This crypto-friendly approach is a significant departure from when Biden proposed imposing a 30% tax on crypto mining power<\/a>.<\/p>\n According to anonymous sources reported by industry news outlet The Block<\/a>, the campaign has started reaching out to crypto experts and industry players, seeking guidance on the \u201ccrypto community and crypto policy moving forward.\u201d The requests for comment are seemingly a consequence of Biden recognizing the potential impact of crypto-related issues on the upcoming election.<\/p>\n The campaign\u2019s engagement with the crypto industry follows the crypto community\u2019s opposition to the Biden administration\u2019s vow to veto<\/a> the repeal of SAB 121.<\/a> The controversial bill in question was criticized for potentially discouraging financial institutions from providing crypto asset custody services by placing it on their balance sheets. Sen. Cynthia Lummis (R-Wyo.) commended on the repeal:<\/p>\n This is a win for financial innovation and a clear rebuke of the way the Biden administration and Chair Gary Gensler have treated crypto assets and marks the first time both chambers of Congress have passed standalone crypto legislation. President Biden needs to take note of the bipartisan support this CRA received in both the House and Senate and sign this into law.<\/p>\n<\/blockquote>\n The newfound interest in the crypto industry on Biden\u2019s part also follows Trump campaign\u2019s announcement that it will accept crypto donations<\/a> and his recent pro-<\/a>cryptocurrency remarks. This marks a significant change in Trump\u2019s stance as well, as he had previously called Bitcoin (BTC) \u201ca scam against the dollar\u201d<\/a> in 2021.<\/p>\nA sudden shift<\/h2>\n
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Bitcoin\u2019s price action<\/h2>\n