In a surprising turn of events, President Joe Biden’s administration is scheduled to attend a roundtable on Bitcoin and cryptocurrencies this July in Washington, D.C., organized by Rep. Ro Khanna.
This imminent meeting indicates a change in Washington’s position toward the cryptocurrency industry.
Biden Admin Officials To Host Crypto Policy Roundtable Next Month
According to a leaked report, unnamed Biden administration officials, lawmakers from both the House and the Senate, and billionaire Mark Cuban will convene in a Bitcoin roundtable spearheaded by pro-crypto Rep. Ro Khanna (D-CA).
The meeting slated for “early July” reportedly aims to support innovations in Bitcoin and the wider crypto ecosystem within the U.S. This development comes as a welcome surprise to observers as the current Biden regime has become synonymous with crypto hostility.
As ZyCrypto previously covered, President Biden struck down a bipartisan-passed resolution that sought to roll back a U.S. Securities and Exchange Commission (SEC) policy that critics said all but foreclosed the possibility of banks moving into the space and imposed harsh capital requirements on crypto custodians. The incumbent President asserted that the bill undermines the SEC’s authority and would hurt investors.
Has Biden Suddenly Become Pro-Crypto Now?
Interestingly, this evident change of heart from the Biden government comes in the run-up to the November U.S. presidential elections, which some pundits believe will be decided by a razor-thin margin. The move arguably suggests that Biden’s camp is increasingly recognizing the impact crypto-related matters could have on the presidential race.
His main political rival, Donald Trump, has made headlines for his relentless support for Bitcoin and Bitcoin mining in recent months in his about-face. Besides his anti-CBDC (Central Bank Digital Currency) remarks, the ex-POTUS and presumptive Republican nominee accepts cryptocurrencies as donations for his campaign in a bid to court crypto-focused voters. Earlier this month, Trump boldly called himself the “crypto president” during a fundraiser to curry favor from crypto voters further. He has also vowed to put an end to the Biden administration’s slow boiling war against crypto.
Meanwhile, billionaire and crypto advocate Mark Cuban recently postulated that Gary Gensler’s anti-crypto maneuvers as chief of the United States Securities and Exchange Commission (SEC) could “literally cost Joe Biden the election”.
Biden has reportedly started discussions with cryptocurrency industry players about accepting crypto donations for his campaign through Coinbase Commerce. This move is undoubtedly a little too late for the President given his tenure in office, which has been marked by an onslaught against the burgeoning crypto industry.
