President Biden's re-election campaign team has already begun reaching out to key figures in the cryptocurrency industry

According to a report by The Block on May 30, PANews reported that US President Biden's campaign team is adjusting its stance on cryptocurrencies and actively interacting with the cryptocurrency industry in preparation for the 2024 presidential election. The team plans to attract support from cryptocurrency voters by promoting innovation. Over the past two weeks, Biden's campaign team has begun reaching out to individuals in the cryptocurrency industry seeking guidance on "cryptocurrency community and policy". Insiders noted a significant "shift" in how both the Biden administration and his campaign team approach cryptocurrencies, showing more willingness to understand digital assets and their communities.

This new outreach effort emerged shortly after signals of opposition arose within the Biden administration regarding whether or not they would veto an alleged anti-cryptocurrency bill. This shift in attitude towards digital assets shows a stark contrast from their previous indifference. Additionally, changes to cryptocurrency tax rules are included in Biden administration's fiscal year 2024 budget proposal such as "wash sale rules", which will eliminate tax deductions generated by quickly buying and selling identical or similar crypto investments. This move is expected to increase revenue by approximately $31.6 billion over ten years.