Joe Biden drops out of presidential race... Harris public endorsement opens up crypto market volatility and opportunities?
In the wake of US President Joe Biden's surprise withdrawal as the Democratic presidential nominee ahead of the November election, Republican Congresswoman Nancy Meyers has announced that she will introduce a 25th Amendment resolution, X reports. "If President Biden does not have the cognitive capacity to run for re-election, he does not have the capacity to serve out the remainder of his term. If he does not resign, we should invoke the 25th Amendment," he said. The 25th Amendment allows the vice president, with the consent of the cabinet, to remove the president from office and allow the vice president to assume the powers of the office if the president is deemed unable to fulfill his or her duties.
"While I had intended to seek re-election, I believe it is in the best interests of our party and our country for me to withdraw from the race and focus solely on fulfilling my duties as president for the remainder of my term," Biden said in a statement earlier today, adding, "I want to express my full support for Carmela to be our party's presidential nominee this year." This is the first time in U.S. history that a sitting U.S. president has abandoned a re-election bid less than three months before a presidential election with a majority of delegates and only the party's formal nominating process remaining. Meanwhile, since the announcement of Biden's resignation, BTC price has recovered to $68,000 in about a month.
After US President Joe Biden announced his endorsement of Vice President Carmela Harris as the Democratic presidential nominee, the price of Harris' meme coin, KAMA, more than doubled to an all-time high. In contrast, Biden's meme coin, BODEN, dropped nearly 50%. "I am honored to have the President's endorsement," Harris said in response to Biden's endorsement, "I will be the party's presidential nominee and I will defeat Donald Trump."
"The Cedar Innovation Foundation, a cryptocurrency advocacy organization, says that Joe Biden's withdrawal from the presidential race presents a new opportunity for Democrats to embrace cryptocurrencies and blockchain technology," Fox Business reporter Eleanor Terrett reports for X. "It's time for the Democratic nominees to embrace cryptocurrencies and blockchain technology," Terrett said. "Now is the time to lay out a vision of an innovative America that embraces new finance and ensures the global competitiveness of the digital asset industry," Cedar Innovation Foundation emphasized.
There are also growing questions about the fate of Gary Gensler, who has made a name for himself in the crypto space in the Joe Biden administration. "President Joe Biden's withdrawal as a presidential candidate has increased the likelihood that U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler will step down in January/February 2025," cryptocurrency market analyst 10X Research said in a new report. "With no viable candidate to challenge former President Donald Trump, the likelihood of a pro-crypto administration taking the White House after the November elections has increased. Gensler could therefore resign in June 2026 without completing his term," 10X Research explained.
