It looks like the White House is suddenly changing its stance before the elections and setting sail towards the crypto. Former cybersecurity advisor Carole House, co-author of the 2022 White House executive order "Ensuring Responsible Development of Digital Assets," is back at the National Security Council. She's considered relatively pro-crypto, at least compared to other voices in Biden's camp.
This appointment comes as Biden's crypto policy is under intense scrutiny leading up to the 2024 U.S. presidential elections. After several high-ranking Democratic senators broke ranks with the White House to condemn the SEC's handling of cryptocurrency, Biden vetoed a resolution and stood by the SEC's decision.
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However, Republicans, including former President Donald Trump, Biden's likely opponent in November, have recently seized on cryptocurrency as a potential wedge issue in the election year, making increasingly vocal statements in support of the industry. Perhaps due to this pressure, the White House has recently softened its hostility towards cryptocurrencies.
A Pro-Crypto Voice in the National Security Council
After leaving the White House in 2022, House consulted for several public and private organizations, including Terranet Ventures, a venture firm focused on cryptocurrency, and The Digital Dollar Project, a nonprofit exploring central bank digital currencies (CBDCs).
Today, the politician announced she would return to a new role at the National Security Council as a special advisor on cybersecurity and critical infrastructure policy.
"I am proud to be called back to serve for these absolutely critical missions that are necessary to shape the future of a secure and reliable digital economy," House said in her LinkedIn post.
Previously, House advised President Joe Biden from 2021 to 2022 as the director of the National Security Council, focusing on cybersecurity and digital innovation.
For instance, just a few weeks ago, House seemed to criticize the Biden administration's slow progress in creating a clear regulatory framework for American crypto companies.
One area that really frustrates me is the lack of clarity regarding the path to registration or successful operation in this space.
House said during a recent appearance on the Web3 Working Group podcast. She then singled out the U.S. Securities and Exchange Commission (SEC).
Biden Might Lose Because Of… Cryptocurrency
A recent Harris Interactive poll, sponsored by Grayscale, indicates that in 2024, no political party can afford to ignore the importance of cryptocurrency policy and Bitcoin itself, as it has become a key issue for voters.
Trump recently positioned himself as the crypto candidate at a charity event in Silicon Valley. The Harris poll data shows that crypto is a bipartisan issue with similar ownership rates among Republicans (18%) and Democrats (19%). Given how close the 538 polling data is, if any candidate can sway votes from the other party on this single issue of cryptocurrency, it might be enough to tip the scales.
Moreover, President Biden's hasty veto of the sensible, bipartisan bill to repeal the SEC Accounting Bulletin (SAB) No. 121 could bring serious political consequences for him in the election. SAB 121 makes it more complicated and expensive for banks and institutions to custody cryptocurrency for individuals.
More Info on Crypto and Politics:
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- Trump-Labeled Wallet Turns Meme Token into Million-Dollar Goldmine
It seems this grim statistic has made Biden seriously reconsider his stance on cryptocurrencies. Last week, it was reported that Biden administration officials plan to attend a Bitcoin roundtable in Washington in July.
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