- Biden’s crypto policies, such as vetoing the SAB 121 repeal, have sparked controversy in the crypto community.
- Scaramucci endorsed Biden, citing Bitcoin’s growth and warning against Trump’s electoral crypto stance.
The recent crypto policy implemented by President Joe Biden has drawn significant criticism from the crypto community.
One of the most controversial decisions that drew widespread criticism was President Biden’s veto of the repeal of Staff Accounting Bulletin 121, also known as SAB 121.
For context, SAB 121, the SEC’s controversial accounting guidance, was criticized for discouraging large-scale cryptocurrency custody services by investment banks.
Scaramucci supports Biden
However, not everyone shares this opinion. Anthony Scaramuccifounder of SkyBridge, believed that Biden was the best choice for the upcoming election, even for crypto voters.
In a recent conversation on the ‘Unchained’ podcast, when asked about his vote in the upcoming election, Scaramucci expressed his support for Biden, saying:
“I believe this is the right thing for America in the long run and it has to do with what I know about Donald Trump.”
He added a word of caution about Trump, noting:
“Remember, he was very negative about bitcoin and digital assets during his presidency. He has now done a 180 because he wants your vote.
Scaramucci also highlighted Bitcoin [BTC]growth during the Biden administration, emphasizing that:
“Bitcoin went from $17,000 to $70,000 in the Biden administration.”
Considering Scaramucci’s point of view, BTC has made significant progress in 2024, especially marked by milestones such as the introduction of a spot Bitcoin ETF and Bitcoin reaching a new all-time high (ATH) of $73,000.
Is Anthony Scaramucci right?
This was further confirmed by one of Polymarket’s prediction markets data on the 2024 ‘Presidential Election Popular Vote Winner’, with Biden favored with a 56% probability compared to Trump’s 36%.
Considering that Polymarkt is mainly used by crypto users and shows where their loyalties lie for the upcoming elections.
Source: Polymarkt
At the same time, however, in another Polymarket prediction market for the “winner of the 2024 presidential election,” Trump leads with a probability of 60%, eclipsing Biden’s 34%.
Source: Polymarkt
What lies ahead?
Therefore, as we wait for the election results, it will be intriguing to see the eventual winner.
In the meantime, Scaramucci stands by his position and reiterates that Trump, despite past criticism, is being opportunistic with his stance on crypto just to boost his electoral prospects.
And so Scaramucci summed it up aptly when he said:
“I would take the gradualism and the thaw that is happening in the Biden administration, which is more consistent and stable than this kind of impulsiveness.”