President Biden Drops Out of Presidential Race Signals Big Win for Crypto

US President Joe Biden announced plans to drop his reelection bid, renewing the hopes that Donald Trump would ascend to office.

On Sunday, President Biden abandoned plans to contend in the US 2024 as the Republican presidential candidate. The crypto community celebrated Biden’s departure, signalling the possibility of Trump retaking the White House in November.

Experts and political observers expressed their optimism that the departure of Biden would increase the chance of Trump winning the election. 

President Biden Steps Aside of US Election

On his departure letter, Biden named his vice president Kamala Harris as the Democrat nominee. He encouraged the Democrats to support Harris fully in the upcoming election. 

Shortly after the announcement, Harris became the leading contender as the democratic nominee. Prediction market Kamala’s odds of winning the nomination rose to 85%, followed by those of Mitchelle Obama and Hillary Clinton. 

Polymarket data illustrated that Trump’s winning chance was 64% while Kamala’s odds rose to 30%. Kamala emerged as Trump’s top rival, attracting the attention of political observers. On X, a policy group, CIFonX, advised democrats to reverse their stance on crypto and blockchain. 

The CIFonX stated that the departure of Biden from the presidential race offers the democrat an opportunity to redefine the crypto policy. For years, Biden’s anti-crypto stance attracted tides of criticism. 

The CIFonX noted that the US Securities and Exchange Commission (SEC) chair Gary Gensler and Massachusetts Senator Elizabeth Warren misled the White House in formulating the policies for crypto assets. 

US Election Campaigns Take Shift After President Biden Bows Out 

Despite the mistakes made by the Biden administration, CIFonX advised the democrats to revise its regulatory approach on crypto assets. The policy group encouraged the democrats to embrace policies that support the attainment of the American dream on innovation and improve the country’s global competitiveness. 

The CIFonX urged the democrats to support policies that foster financial inclusivity and economic prosperity. 

Elsewhere, the market analyst at eToro, Josh Gilbert, stated that Biden’s departure from the presidential race signalled a win for crypto assets. The analyst predicted that the crypto industry would flourish if Trump wins the election, 

Citing data from the prediction market, the crypto market reacts positively if Trump’s winning chances increase.

From his analysis, Gilbert envisioned no chance for Kamala or any other Democrat candidate to outpace Trump in the upcoming election.However, the analyst anticipates anything can happen before the election.

Crypto Community Support Donald Trump’s Reelection Bid

In a separate report, the chief legal officer at Variant Fund, Jake Chervinsky, stated that crypto will play a significant role in the US 2024 general election. 

Reflecting on the regulatory approach embraced by the Biden administration, Chervinsky condemned the enforcement action by the SEC on the crypto sector. 

The executive noted that the SEC’s stringent rules stifle the growth of the US crypto market. He said the Biden administration has been reluctant to develop a comprehensive regulatory framework for digital assets. 

Chervinsky lamented that Biden implemented stringent rules that silently killed the digital sector rather than creating an attractive environment for crypto assets. Citing the data from the prediction market concerning the US 2024 election, the legal practitioner noted that most voters considered crypto as a crucial element to stimulating economic prosperity in the US. 

Chervinsky added that voters were against candidates seeking to destroy the crypto industry. The regulatory gaps for crypto created by the Biden administration increased the probability of the former  US president winning the election. 

Trump has vowed to end the Biden war on crypto on November 5. The Republican candidate promised to enact friendly regulations to promote mainstream crypto-asset adoption. 

Trump’s positive stance on crypto encouraged the crypto bigwigs to donate hundreds of crypto to fund the Republican campaigns. According to the Wall Street Journal, Trump has received $3 million in crypto donations. 

The key contributors to Trump’s political campaign include Kraken’s co-founder, Jesse Powell, and the co-founder-founder of Gemini Tyler and Cameron Winklevoss. 

Even though Biden has eased his anti-crypto spirit on the campaign trail, Trump’s stakes of winning the election are still high. During the Bitcoin 2024 Conference in Tennessee, the attendees were optimistic that Trump would be reelected as the 47th US president.