Michael Bloomberg, the billionaire and Presidential candidate who advocated clearer regulations for crypto, has exited the November 2020 Presidential election race.

As reported by Wall Street Journal (WSJ), Bloomberg is going to endorse former US Vice President Joe Biden, even if he spent over $620 million in 3 months for his campaign. Bloomberg had plans to legitimize the crypto market in the US. His intention was to introduce clearer cryptocurrency laws and to replace the old State and Federal regulations for the industry.

Bloomberg had very clear policies for cryptocurrencies, so he was a pro-cryptocurrency Democratic candidate, together with Andrew Yang, who also dropped out of the Presidential race back in February. Yang was also pro adoption of crypto and creating standardized cryptocurrency laws. Here are Bloomberg’s exact words on his drop out:

“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.”

Super Tuesday had Sanders and Biden as front runners for the Democratic Party, but neither of these 2 candidates has even mentioned cryptocurrencies in campaigns. However, they both have interests in the US’s tech industry, with Biden being favored by voters who know more or are involved with technology.

On the other hand, Sanders is famous for supporting the breakup of major tech companies like Amazon, Facebook and Google. If Biden is to be elected, the scrutiny on Facebook’s Libra is sure to increase.

When it comes to President Donald Trump’s stand on crypto, he thinks not so highly of it, especially since the crypto industry is highly developed in North Korea, China and Iran. Seeing there’s none of the remaining candidates to focus on crypto policies, regulations in the industry may lie with the US Congress, just like Cryptocurrency Act of 2020 and the Token Taxonomy Act do.

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