In a July 21 statement, Biden said only that it was in the “best interest of my party and my country,” not mentioning his own motives for leaving. His departure leaves the Democrats to contend with the Nov. 5, 2024, election day without his candidacy.

The continuous rumors about Biden possibly resigning have some people projecting Kamala Harris as a likely successor. Still, none of the replacements have been formally confirmed yet.

Biden’s criticism of the crypto market has made him a quite divisive figure in the field. Biden vetoed on June 1 a resolution rejecting the U.S. Securities and Exchange Commission (SEC) Staff Accounting Bulletin (SAB) No. 121.

The bitcoin community objected to Biden’s choice, claiming it hampered national innovation. “This is a slap in the face to innovation and financial freedom,” Cody Carbone, head policy officer of Digital Chamber, said.

Two weeks after Donald Trump, the Republican Party’s presidential nominee, escaped an assassination attempt, word of Biden’s resignation is breaking.

Macroeconomist Lyn Alden contends in a recent interview with Cointelegraph that should Trump win the forthcoming US presidential elections, business tax cuts could be extended, therefore benefiting the crypto markets.

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