- Biden’s crypto insurance policies, like vetoing the SAB 121 repeal, have sparked controversy within the crypto group.
- Scaramucci backed Biden, citing Bitcoin’s progress and cautioning towards Trump’s electoral crypto stance.
The current crypto insurance policies carried out by President Joe Biden have drawn important criticism from the crypto group.
One of the vital contentious selections that invited widespread criticism was President Biden’s veto of the repeal of Workers Accounting Bulletin 121, also referred to as SAB 121.
For context, SAB 121 the SEC’s controversial accounting tips, was criticized for discouraging large-scale cryptocurrency custody providers by funding banks.
Scaramucci helps Biden
Nevertheless, not everybody shares this view. Anthony Scaramucci, founding father of SkyBridge, believed that Biden was the only option for the upcoming election, even for crypto voters.
In a current dialog on the “Unchained” podcast, when requested about his vote within the upcoming election, Scaramucci expressed his help for Biden and stated,
“I imagine that that’s the proper selection for America long run and it has to do with what I learn about Donald Trump.”
Including a phrase of warning about Trump, he famous,
“Bear in mind he was very unfavourable on bitcoin and digital property whereas president. He’s now carried out a 180 as a result of he needs your vote.”
Scaramucci additionally highlighted Bitcoin [BTC]’s progress throughout Biden’s administration, emphasizing that,
“Bitcoin has gone from $17K to $70K within the Biden Administration”.
If we contemplate Scaramucci’s viewpoint, BTC skilled substantial traction in 2024, significantly marked by milestones such because the introduction of a spot Bitcoin ETF and Bitcoin attaining a brand new all-time excessive (ATH) of $73,000.
Is Anthony Scaramucci proper?
This was additional confirmed by one in every of Polymarket’s prediction markets’ knowledge on the 2024 ‘Presidential Election Well-liked Vote Winner’, the place Biden is favored with a 56% likelihood in comparison with Trump’s 36%.
Contemplating that Polymarket is primarily utilized by crypto customers, it exhibits the place their loyalties lie for the upcoming election.
Nevertheless, on the identical time, in one other Polymarket prediction marketplace for the ‘Presidential Election Winner in 2024’, Trump leads with a 60% chance, overshadowing Biden’s 34%.
What lies forward?
Therefore, as we await the election consequence, it will likely be intriguing to see the eventual winner.
Within the meantime, Scaramucci holds his floor, reiterating, that regardless of previous criticism, Trump is being opportunistic along with his stance on crypto simply to reinforce his electoral prospects.
And, thus, Scaramucci summed it up aptly when he stated,
“I might take the gradualism and the thawing that’s occurring within the Biden Administration which is extra constant and regular than this kind of impulsivity.”