US President Joe Biden recently announced he will not contest the upcoming presidential elections. This has led to speculation among crypto market participants about the Democratic nominee adopting a pro-crypto stance.
Ripple CTO's Expectations
Ripple CTO David Schwartz is optimistic about the Democratic nominee's potential crypto policies. He commented on X that replacing Biden wouldn't cost Democrats votes, as the electorate comprises primarily anti-Trump voters. Schwartz believes this change could attract voters concerned about Biden's ability to serve a second term and enable Democrats to adopt a credible pro-crypto stance.
Kamala Harris Speculation
Political insiders suggest Kamala Harris may replace Biden, although significant policy shifts are not anticipated. When asked about Biden's role in crypto policy decisions, Schwartz acknowledged that Biden wasn't the decision-maker. He emphasised the need for the new candidate to differentiate from Biden without appearing to mimic Trump.
Tulsi Gabbard's View
Former Congresswoman Tulsi Gabbard expressed scepticism about policy changes under Harris. She suggested that Harris would follow the same directives as Biden, acting as a figurehead for established power structures.
Other market players like Elon Musk have also been taking potshots at Kamla Harris showing what to expect if she becomes the next President.
Despite political uncertainties, Bitcoin and the broader crypto market remain strong.The current trading price of Bitcoin is $67,856.
Although there is optimism within the crypto community, it's uncertain whether the new candidate will significantly alter current policies.