Joe Biden Withdraws from U.S. Presidential Race

President Joe Biden has officially announced his withdrawal from the 2024 Presidential race, just four months ahead of election day.

In his statement on July 21, Biden did not elaborate on the reasons for his decision, stating only that it was in the “best interest of my party and my country.” His withdrawal leaves the Democratic Party without a confirmed candidate for the November 5 election.

The speculation surrounding Biden’s potential exit has led many to consider Vice President Kamala Harris as a likely successor, though no official replacement has been announced yet.

Biden has been a contentious figure within the cryptocurrency industry, largely due to his critical stance on the sector. On June 1, he vetoed a resolution intended to overturn the U.S. Securities and Exchange Commission (SEC) Staff Accounting Bulletin (SAB) No. 121. This decision drew criticism from the crypto community, which argued that it stifled innovation.

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— Joe Biden (@JoeBiden) July 21, 2024

“This is a slap in the face to innovation and financial freedom,” remarked Cody Carbone, chief policy officer of the Digital Chamber.

The announcement of Biden’s withdrawal comes just two weeks after Donald Trump, the Republican Party’s presidential nominee, survived an assassination attempt.

In a recent interview, Macroeconomist Lyn Alden suggested that a Trump victory in the upcoming presidential election could result in the continuation of corporate tax cuts, potentially benefiting the crypto markets. Trump has been a vocal supporter of cryptocurrencies and has recently announced plans to release another collection of non-fungible tokens (NFTs) following the swift sell-out of his previous three collections.

Trump also emphasized the necessity of the United States leading the crypto industry to prevent other nations from dominating the field.

“It’s a baby. It’s an infant right now. But I don’t want to be responsible for allowing another country to take over this sphere,” Trump remarked in an extensive interview with Bloomberg.