Crypto observers are keeping a keen eye on possible fallout after US President Joe Biden officially withdrew from the 2024 presidential race just four months before the elections. This unexpected decision has sparked extensive debates and discussions, with experts voicing concerns about the potential ramifications. The president’s withdrawal has left the political landscape in turmoil, raising questions about the future direction of the campaign and the strategies of other candidates.
US President Joe Biden did not specify his reasons, but in a statement released on July 21, he mentioned the “best interest of my party and my country.” This unexpected announcement and withdrawal have left the Democrats scrambling for a dying-minute candidate for November 5th. The crypto world also expresses concerns as Biden withdraws from the race; some believe that this gives Donal Trump, “the Crypto President,” better chances, which will lead to improved crypto regulatory frameworks.
Speculation and Reactions
The ongoing speculation about US President Joe Biden has led to assumptions by experts. Some analysts believe that a replacement is already in place, in the person of Kamala Harris, his vice president. Regardless of all these speculations, there has been no formal confirmation. Biden remains a controversial figure in the crypto industry as he showed no affiliation or endorsement for the sector. His sanction on June 1 on a resolution that would overrule the U.S. Securities and Exchange Commission (SEC) Staff Accounting Bulletin (SAB) No. 121 was not well received by the crypto community.
Numerous experts and crypto community members criticised this decision. Key figures like Cody Carbone, Digital Chamber chief policy officer, criticised Biden’s decision as a limitation to innovation and financial freedom. Some in the crypto community have expressed relief as Joe Biden steps out of the race; they believe that other candidates will provide better opportunities for the growth of the crypto industry in the United States of America.
US President Joe Biden Withdrawal – Implications for the Crypto Market
Joe Biden’s decision to step out of the presidential race poses significant implications for the crypto market and price movement of cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH). With Joe Biden’s withdrawal, the focus on the potential policies of his successor intensifies. Donal Trump, the Republican Party spearhead, has been publicly pro-crypto. Trump has shown that he has plans to release NFT collections and allow the growth of innovations like the Ethereum spot ETF. Trump has highlighted his support for the crypto community and has gained massive support from the crypto community. He also emphasised the importance of capitalising on crypto opportunities before other nations dominate cryptocurrency.
The shift in the political landscape could shape the perception of the market and the entire regulatory environment around blockchain and cryptocurrencies. Experts believe that this could impact the price levels of Bitcoin (BTC), Ethereum (ETH) and other digital assets.
Lyn Alden, a macroeconomist, points out that if Donald Trump emerges as President, it could lead to the extension of corporate tax cuts, which may benefit the crypto market. Trump’s support for crypto and potential policies could create a more conducive environment for the crypto community and could lead to mass adoption and increased investment, which could drive development through the roof. The potential approval of the Ethereum Spot ETF could further boost the market and provide legitimacy, thus attracting a wide variety of investors.
US President Joe Biden has made a bold move to step down from the 2024 US presidential election. This move is significant and confusing as it ushers a substantial shift in the political scene. The crypto community shares this implication, as potential regulatory changes would favour them if Donald Trump emerges victorious. As the election draws near, the cryptocurrency community is a close spectator, watching the developments unfold and their possible implications for the industry.
The future of the US crypto industry relies heavily on the outcome of the 2024 Presidential election and the policies that the new government will bring. The approval of the Ethereum Spot ETF could be a major factor in driving market growth and stability, which could influence market prices of Bitcoin (BTC) and Ethereum (ETH). All these events are brought to your fingertips by Turkishnyradio. Stay updated and informed.
