Another Pro-Crypto U.S. Presidential Candidate Bows Out of 2020 Race

Bloomberg CEO and billionaire, Michael Bloomberg, who advocated clear crypto regulations, recently dropped out of the 2020 U.S. Presidential Race. Bloomberg becomes the second pro-crypto U.S. Presidential candidate to exit after Andrew Yang.

Crypto Advocate Bloomberg Leaves Race, Endorses Joe Biden

According to the Wall Street Journal on Wednesday, March 4, 2020, Bloomberg pulled out of the U.S. Presidential race after campaigning for three months, following unfavorable results at the Democratic Party primaries on Super Tuesday. The former New York Mayor recorded a win only in Samoa and went ahead to endorse former U.S. President, Joe Biden.

In a speech endorsing Biden, Bloomberg said:

“After yesterday’s results, the delegate math has become virtually impossible—and a viable path to the nomination no longer exists… I’ve always believed that defeating Donald Trump starts with uniting behind the candidate with the best shot to do it. After yesterday’s vote, it is clear that the candidate is my friend and a great American, Joe Biden.”

Back in February 2020, BTCManager reported that Bloomberg published a Financial Reform Policy that among other things, pledged to harmonize crypto regulations in the U.S. and provide a robust regulatory framework for the digital currency industry.

Bloomberg’s policies for the crypto and blockchain sector signaled hope for the underdeveloped nascent industry in the U.S. after Andrew Yang, another virtual currency and blockchain advocate and former U.S. Presidential candidate, exited the race. However, after spending millions of dollars in campaigns for three months, the billionaire bowed out of the race, endorsing former Vice President Biden.

Crypto and Blockchain Future in the U.S.

With crypto advocates, Bloomberg and Yang now out of the race, the virtual currency landscape in the U.S. post-elections seems uncertain at the moment. The current contenders for the Democratic ticket are Bernie Sanders and Joe Biden. Neither candidate has said anything regarding the digital currency industry.

But Biden’s positive stance towards technology could favor the digital currency sector in the United States. Unlike Sanders who is not a Silicon Valley favorite, Biden is more open to technology development.

If the former Vice President is elected as the U.S. President come November 2020, the Biden administration might not be a clog in the wheel of progress for the nascent industry. Instead, crypto and blockchain development may be left in the hands of Congress.

Presently, the Token Taxonomy Act seeking to exempt cryptocurrency from securities laws is before Congress. Back in January 2020, some lawmakers introduced a bill calling for a de minimis exemption for smaller digital currency transactions.