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>>The Biden campaign is seeking financial support to counter the influence of cryptocurrency executives who have recently backed former President Trump.

The Biden campaign is seeking financial support to counter the influence of cryptocurrency executives who have recently backed former President Trump.

crypthub

1/24/2025, 11:53:18 AM

Biden Campaign's Appeal for Financial Support

The Biden campaign team has initiated a drive for financial assistance to bridge the fundraising gap with his Republican opponent, highlighted by the latter's apparent backing from affluent figures in the crypto industry. A circulated screenshot underscores the campaign's urgency regarding this funding discrepancy, pointing to substantial contributions from prominent crypto executives and oil barons to Trump's campaign.

Trump's Fundraising Edge and Crypto Connections

April's fundraising reports revealed a significant lead for Trump, raking in $76 million, with a notable $50 million stemming from a Florida gala. This surge in support mirrors similar trends seen in Senator Elizabeth Warren's race, where a pro-crypto Republican lawyer also gained traction. Campaign finance records indicate that John Deaton, representing XRP investors, raised over $1.3 million in Q1, surpassing Warren's haul of $1.1 million, thanks to donors like Anthony Scaramucci and Brad Garlinghouse.

Political Divide and Crypto Industry Dynamics

The contrasting views on crypto between Republicans and Democrats are reflected in the industry's fraught relationship with the SEC under Democrat leadership and the White House's efforts to curb Bitcoin mining. The Biden campaign's appeal for aid echoes Elizabeth Warren's earlier calls, as the political landscape continues to shape the crypto sector's regulatory trajectory.

Trump's Shift Towards Crypto Acceptance

Donald Trump, formerly skeptical of Bitcoin, has recently taken a more lenient stance. His acceptance of crypto donations and hints at forming a "crypto army" to counter Warren's regulatory proposals signal a strategic shift. This change is evident in his personal investment too, as revealed by an October 2023 filing, indicating holdings between $250,000 and $500,000 in crypto assets.

Regulatory Clarity for Crypto: The FIT21 Act

As the political discourse intensifies, the House of Representatives is set to vote on the Financial Innovation and Technology for the 21st Century Act (FIT21), aiming to provide regulatory clarity for the crypto industry by establishing a legal framework that accommodates its growth.