President Joe Biden‘s re-election campaign has begun reaching out to cryptocurrency industry players, seeking guidance on crypto community engagement and policy development. This outreach marks a significant shift from Biden’s previous arms-length approach to the industry, according to sources with direct knowledge of the discussions.

Strategic Outreach Ahead of Close Race

The engagement effort, which started about two weeks ago, highlights the Biden camp’s recognition of the potential impact of crypto-related issues on the upcoming presidential race. As part of this outreach, the re-election team has contacted several crypto experts, including some whom Biden had previously rebuffed, sources revealed on the condition of anonymity due to the sensitivity of the discussions.

Political Context

The Biden campaign’s shift in tone towards the crypto industry follows the Trump campaign‘s recent moves to embrace digital assets. On May 21, former President Donald Trump’s campaign announced it would accept cryptocurrency donations. Trump also made pro-crypto and anti-CBDC (Central Bank Digital Currency) remarks at the 2024 Libertarian national convention, contrasting his 2021 declaration that cryptocurrencies were hazardous.

Sources within Trump’s inner circle, with ties to the crypto industry, noted that Trump’s more positive stance is influenced by capable advisors, suggesting further pro-crypto initiatives may be forthcoming.

Industry Reception

The crypto sector has largely welcomed the Biden campaign’s overtures. However, some industry players remain skeptical, viewing the outreach as “too little, too late.” The campaign did not immediately respond to The Block’s request for comment.

As both Biden and Trump adjust their positions on digital assets, the crypto industry is poised to play a significant role in the 2024 presidential race. This engagement by major political figures highlights the increasing importance of cryptocurrency issues in the broader political and economic landscape.