United States President Joe Biden has officially ended his reelection bid just four months before election day.

In a July 21 statement, Biden didn’t cite his reasons for bowing out but claimed it was in the “best interest of my party and my country.” His absence leaves the Democratic Party without a nominee for the 2024 US presidential election on Nov. 5.

In recent weeks, there has been ongoing speculation about Biden potentially stepping down, leading some to predict Vice President Kamala Harris as a likely replacement. However, no replacement has been officially confirmed yet.

Biden has been somewhat controversial in the crypto industry due to his opposition to the sector. On June 1, Biden vetoed a resolution overruling US Securities and Exchange Commission Staff Accounting Bulletin No. 121.

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Biden’s decision faced backlash from the crypto community, which argued that it hindered innovation in the US.

“This is a slap in the face to innovation and financial freedom,” Digital Chamber chief policy officer Cody Carbone stated.

The news of Biden stepping down comes just two weeks after Donald Trump, the Republican Party’s presidential nominee, survived an assassination attempt.

In a recent interview , macroeconomic analyst Lyn Alden argues that if Trump is victorious in the upcoming US presidential elections, it could lead to the extension of corporate tax cuts, which could favor the crypto markets.

Trump has been promoting his pro-crypto stance for some time. He recently revealed plans to release another of his non-fungible token (NFT) collections after his previous three collections sold out much quicker than he expected.

Trump has also highlighted the importance of the US being a leader in the crypto industry to prevent another nation from claiming the title.

“It’s a baby. It’s an infant right now. But I don’t want to be responsible for allowing another country to take over this sphere,” Trump said in a wide-ranging interview with Bloomberg.