Following Joe Biden's resignation from the presidential contest, any candidate challenging Donald Trump will need to gain a solid understanding of cryptocurrency in order to retain the support of voters who are devoted to this issue.

Not just because the industry has encountered opposition, but because politics in the US are becoming more and more focused on cryptocurrency.  

According to a recent Bloomberg article, Trump might benefit from cryptocurrency. For US companies that have been dealing with a hostile Securities and Exchange Commission (SEC), a Trump presidency is generally seen favorably. However, if Trump wins, foreign businesses might suffer losses.

Trump has expressed his support for the cryptocurrency business and even visited with officials of the industry, including bitcoin miners, after earlier holding an anti-crypto mindset himself.

In the past, he claimed that Bitcoin was a rival to the dollar and that the dollar ought to be the sole form of money in circulation. Currently, all of this has changed, and Trump thinks cryptocurrency is inevitable and loves it. According to one observer, there were earlier rumors that Trump might even have "plans for adding bitcoin to the US balance sheet."

Some have questioned his motivations and labeled his action as opportunistic, but others have stated it doesn't really matter because the alternative is the administration's anti-crypto attitude.

According to Bloomberg's story, Trump will probably choose an SEC chair who is more supportive of cryptocurrencies. They claimed that the way Gary Gensler has treated the industry has impeded progress.

According to the paper, the agency misclassified a number of tokens as unregistered securities, and throughout his tenure, agency chair Gary Gensler was criticized by prominent cryptocurrency leaders, such as Coinbase CEO Brian Armstrong, for his numerous crackdowns and legal actions against cryptocurrency startups.