In assessing the current popularity of the 46th President of the United States, one must look beyond the polls.
Although they do provide a glimpse into public sentiment, with even Fareed Zakaria, a mainstream media figure often aligned with Joe Biden, expressing concern over the President's standing in swing states, they are not the sole indicator. A more telling measure is the level of support Biden receives from congressional Democrats on key issues.
The Securities and Exchange Commission's (SEC) guidelines on banks holding cryptocurrencies, backed by the White House and championed by Senator Elizabeth Warren of Massachusetts, should have been a straightforward win for Democrats. However, a surprising turn of events saw 32 Democrats vote in favor of Republican-led proposals to terminate these regulations, despite Biden's veto threat. This unexpected rift within the Democratic party could widen further as the House prepares to consider comprehensive legislation to integrate crypto trading into federal financial regulations.
Cryptocurrency, typically not a partisan issue, has been thrust into the spotlight due to the Biden administration's regulations against banks holding blockchain assets and the pro-crypto stance of the presumptive GOP presidential nominee, former President Donald Trump. Some Democrats, like Senator Cory Booker of New Jersey, have used their vote to voice their frustration with the lack of debate on cryptocurrency bills.
Senate Majority Leader Chuck Schumer of New York was among those who opposed the President, citing the existing strong law in New York State and the lack of consultation on the regulation. According to Politico, the legislators who voted for the rollback were driven by a combination of crypto advocacy, bank lobbying, and dissatisfaction with the SEC under Chair Gary Gensler.
While key House Democrats, such as Rep. Maxine Waters of California, plan to rally opposition to the plan in the lower chamber, their efforts may be in vain. An aide privy to "closed-door discussions" revealed that the House Democratic leadership has yet to decide whether to whip against the crypto legislation scheduled for the floor next week. In political parlance, "to whip against" means that senior Democrats would pressure their caucus members to vote against a particular piece of legislation. In this case, the legislation in question would directly roll back a regulatory measure that the President and left-wing Democrats likely hope to use as a campaign issue this fall.
Senator Warren, a vocal critic of those who voted with the GOP on the SEC rollback proposal, expressed concern about anyone in Congress who is not worried about the threat posed by Iran and North Korea and their use of crypto. However, she declined to address the differences within her party, refusing to rebuke Democrats for specifically opposing a White House agenda item.
The lack of support for Biden's agenda, even from staunch allies like Warren, speaks volumes about his current popularity. When Democrats are reluctant to vote against the President, it suggests they are equally hesitant to align themselves with him. This reluctance could be a telling sign of the President's standing within his own party and the broader electorate.
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