Joe Biden Announces Withdrawal from 2024 Presidential Race
In a shocking turn of events, U.S. President Joe Biden has unexpectedly dropped out of the 2024 Presidential race, with less than four months left until election day.
The announcement, made on July 21, left the Democratic Party without their anticipated nominee for the November 5 election. Although there's been talk about Vice President Kamala Harris stepping up as a potential replacement, no official word on this has been confirmed yet.
The betting market on Polymarket has acknowledged the news, as Biden's winning chances drop to a mere 1%, while Donald Trump's remain steady at 64%. Kamala Harris follows closely behind with 30%.
During his presidency, Biden's stance on cryptocurrency regulation has been clear. On June 1, he vetoed a resolution that would have nullified the U.S. Securities and Exchange Commission’s Staff Accounting Bulletin No. 121. This move garnered criticism from the crypto industry, who believed that it hampered financial innovation.
The president's departure from the race comes shortly after a failed attempt on Donald Trump's life, the Republican Party's presidential nominee. Trump, in response, has reaffirmed his support for the cryptocurrency industry, claiming plans for another non-fungible token (NFT) collection and emphasizing the need for U.S. leadership in this area.
With the major parties scrambling to adapt to this new political landscape, the coming weeks are likely to bring significant shifts in campaign strategies and potential candidate selections.
The 2024 election, previously predicted to be fiercely contentious, now faces further uncertainties as the Democratic Party rushes to choose a new candidate ahead of election day.
Post-election analyses[2] suggest that the Democrats' defeat was partly due to messaging failures on key voter concerns, such as cost reduction and domestic security[1]. Leadership critiques were another issue, with the downplaying of Biden's age and debate performance hurting the party[2]. Speculation about the 2028 election already has Vice President Kamala Harris in the lead, with California Gov. Gavin Newsom trailing in fifth place[3].
Note: The research findings cover events through April/May 2025 and do not show any updates on the 2024 ticket after Biden's withdrawal. The Democratic nominee for the concluded 2024 election is not specified in these sources.
- The Democrats' search for a new presidential candidate intensifies in light of Joe Biden's withdrawal from the 2024 race, leaving Vice President Kamala Harris as a potential replacement.
- With Biden's exit, the betting market on Polymarket shows Donald Trump's chances of winning the 2024 election steady at 64%, with Harris following closely behind at 30%, signifying a significant shift in the political landscape.
- The cryptocurrency industry's criticism of Biden's stance on regulation continues as his veto of a resolution aimed at nullifying the U.S. Securities and Exchange Commission’s Staff Accounting Bulletin No. 121 remains a point of contention.
- The 2024 election, marked by uncertainties following Biden's surprising withdrawal, may face challenges similar to those that contributed to the Democrats' defeat, such as messaging failures on key voter concerns like cost reduction and domestic security.
