Latest

Crypto Voter Backlash: How Biden’s Veto May Have Cost Him the 2024 Election

Crypto Voter Backlash: How Biden’s Veto May Have Cost Him the 2024 Election

After facing intense scrutiny from the crypto community, President Joe Biden has generated significant animosity by vetoing the latest resolution aimed at quashing the SEC’s crypto asset rules. This move has led many to believe that Biden has lost the support of the entire crypto industry, potentially impacting his political fate in the 2024 election.

The veto in question revolves around the SEC’s SAB 121, which mandates stringent accounting requirements for financial institutions and firms safeguarding customer digital assets. These requirements make it prohibitively costly and impractical for banks to offer large-scale crypto custody services. Despite stating that his administration would work towards a comprehensive regulatory framework for crypto, Biden vetoed the resolution to uphold the SEC’s accounting authority, a decision that has been met with negative reactions from the crypto community.

Prominent figures in the industry, such as Anthony Scaramucci of Skybridge Capital and Mike Novogratz of Galaxy Digital, have criticized Biden’s decision, suggesting that it could have unforeseen consequences. Scaramucci stated that Biden’s position on crypto could cost him more than he realizes, while Novogratz called it a disappointing move that snatches defeat from the jaws of victory.

Others, like Perianne Boring, the CEO of the Chamber of Digital Commerce, expressed determination to fight back against the veto, emphasizing the need to defend digital property rights and freedom of speech. Ryan Sean Adams, the founder of Bankless, also commented on the potential impact of the decision on the upcoming general election, suggesting that it could cost Democrats support from crypto advocates.

With an estimated 50 million eligible voters in the US crypto community, Biden’s veto and his party’s perceived antagonistic stance towards the industry, contrasted with Donald Trump’s endorsement and pledge to protect crypto supporters, may have a significant influence on the election outcome. Crypto enthusiasts have voiced their dissatisfaction with Biden’s decision, highlighting the lack of effort from the Democratic Party to work with the crypto industry.

Ultimately, Biden’s veto of SAB 121 may have been the straw that broke the camel’s back, alienating a substantial number of potential voters and potentially undermining his chances in the 2024 election. As the crypto community continues to react and express their concerns, the outcome of this backlash remains to be seen.