- Biden’s crypto insurance policies, like vetoing the SAB 121 repeal, have sparked controversy within the crypto neighborhood.
- Scaramucci backed Biden, citing Bitcoin’s development and cautioning in opposition to Trump’s electoral crypto stance.
The latest crypto insurance policies applied by President Joe Biden have drawn vital criticism from the crypto neighborhood.
One of the vital contentious choices that invited widespread criticism was President Biden’s veto of the repeal of Employees Accounting Bulletin 121, also called SAB 121.
For context, SAB 121 the SEC’s controversial accounting tips, was criticized for discouraging large-scale cryptocurrency custody companies 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 latest dialog on the “Unchained” podcast, when requested about his vote within the upcoming election, Scaramucci expressed his assist 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 adverse on bitcoin and digital belongings whereas president. He’s now carried out a 180 as a result of he needs your vote.”
Scaramucci additionally highlighted Bitcoin [BTC]’s development throughout Biden’s administration, emphasizing that,
“Bitcoin has gone from $17K to $70K within the Biden Administration”.
If we take into account Scaramucci’s viewpoint, BTC skilled substantial traction in 2024, notably marked by milestones such because the introduction of a spot Bitcoin ETF and Bitcoin reaching a brand new all-time excessive (ATH) of $73,000.
Is Anthony Scaramucci proper?
This was additional confirmed by certainly one of Polymarket’s prediction markets’ information 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 reveals the place their loyalties lie for the upcoming election.
Supply: Polymarket
Nevertheless, on the similar time, in one other Polymarket prediction marketplace for the ‘Presidential Election Winner in 2024’, Trump leads with a 60% likelihood, overshadowing Biden’s 34%.
Supply: Polymarket
What lies forward?
Therefore, as we await the election final result, 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’d take the gradualism and the thawing that’s occurring within the Biden Administration which is extra constant and regular than this form of impulsivity.”
