Billionaire Michael Bloomberg who previously advocated for clearer crypto regulations has dropped out of the race to win the Democratic ticket for the November 2020 U.S. presidential election.
Bloomberg Drops Out After Super Tuesday Crash and Burn
According to the Wall Street Journal (WSJ), Bloomberg, a former New York Mayor is the latest Democratic candidate to exit the race, while endorsing former U.S. Vice President Joe Biden. Bloomberg’s decision comes after spending more than $620 million over three months to run his campaign.
As previously reported by Bitcoinist, Bloomberg had announced plans to legitimize the U.S. crypto market. In a Financial Reform Policy published back in mid-February, the Bloomberg LP founder declared his intention to replace the patchwork of State and Federal crypto regulations with more clear-cut laws for cryptocurrency governance.
Bloomberg’s crypto policies briefly made him the pro-cryptocurrency candidate of the Democratic Party after former contender Andrew Yang dropped out of the race in February. Yang had been a firm proponent of crypto adoption and the creation of standardized cryptocurrency laws.
Bloomberg’s decision to exit the race came after failing to capture a significant number of delegates during Super Tuesday despite spending about $215 million in ads. Announcing his endorsement of Biden, Bloomberg remarked:
After yesterday’s results, the delegate math has become virtually impossible—and a viable path to the nomination no longer exists… I’ve always believed that defeating Donald Trump starts with uniting behind the candidate with the best shot to do it. After yesterday’s vote, it is clear that the candidate is my friend and a great American, Joe Biden.
The Destiny of US Crypto Regulations Post-2020 Polls
After Super Tuesday,