Joe Biden Withdraws from the Run and the Impact on Cryptocurrencies

Bittime - United States President Joe Biden has officially withdrawn from the 2024 presidential race, just four months before election day. In a statement dated July 21, Biden did not state his reasons for stepping down, instead claiming only that it was "in the best interests of my party and my country." His absence leaves the Democratic Party facing election day 2024, scheduled for November 5, without his candidacy.

Speculation Regarding Biden's Replacement

Source: X.com/JoeBiden

Speculation continues about Biden's possible resignation, which has led to predictions that his vice president, Kamala Harris, will likely be his successor. However, no replacement has been officially confirmed.

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Biden has become a controversial figure in the crypto industry due to his rejection of the sector. On June 1, Biden vetoed a resolution that would have repealed Staff Accounting Bulletin (SAB) No. 121 of the US Securities and Exchange Commission (SEC).

Biden's decision received a backlash from the crypto community, who argued that it stifles innovation in the country. “This is a blow to innovation and financial freedom,” said Digital Chamber policy chief Cody Carbone.

Impact of Biden's Resignation on Crypto Markets

News of Biden's resignation comes just two weeks after Donald Trump, the Republican presidential nominee, survived an assassination attempt. In a recent interview with Cointelegraph, Macroeconomist Lyn Alden argued that if Trump wins the upcoming US presidential election, it could extend corporate tax cuts, which in turn could benefit the crypto market.

Trump has been promoting his pro-crypto stance for some time and recently revealed that he plans to release another non-fungible token (NFT) collection after his previous three collections sold out much faster than expected. Meanwhile, he reiterated the importance of the US being a leader in the crypto industry to prevent other countries from claiming the title.

“This is a baby. It's still in the early stages now. But I don't want to be responsible for letting other countries take over this area," Trump said in a wide-ranging interview with Bloomberg.

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Conclusion

Joe Biden's withdrawal from the 2024 presidential race has created uncertainty in political and financial markets. Its impact on the cryptocurrency market is clear, with speculation about its potential successor and reactions from various parties in the crypto industry. With the political situation continuing to evolve, investors and market participants will continue to watch for further developments to assess the long-term impact on the cryptocurrency sector.

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