Yesterday, the president of the United States of America and candidate for the democrats party, Joe Biden, stepped down and would not be seeking reelection.
A lot of people have speculated that this was a move long expected as the president's health issues have greatly diminished his chances after the recent debate with Trump, and with the recent hit by the covid-19, many believe it is time to pass the touch.
Our focus is not on the politics but we seek to evaluate the impact in the tech ecosystem. What effect would a policy change make on the world, as any impact on the United States is an impact on the world?
To fully understand the impact, let us review Biden's policy on tech and compare that with the republican nominee, Donald Trump, who nearly lost his life in a recent rally where he was shot, and a miraculous shift of his head saved his life has gotten a boost based on recent ratings to be way ahead and most likely to become president.
While all of these unfolds, many senior democrats have called for Biden to step down and a new candidate to take his position, but who would that be? And with the recent endorsement of his VP, Kamala Harris, many are asking, can she defeat a popular right-wing, Donald Trump?
Biden’s Policy
When Joe Biden stepped into the Oval Office in January 2021, the world waited to see what policies he would chase. Although many followed his rallies and manifesto, everyone wanted to see how he would proceed. The tech world at that time was reeling from the pandemic's digital acceleration, and the new President faced a landscape ripe for transformation. Little did anyone know just how profoundly Biden's vision would reshape the tech ecosystem and, by extension, the global economy.
Biden recognized the critical role of technology in America's future. His first major move came with the CHIPS and Science Act – a bold $280 billion bet on American innovation. This wasn't just about semiconductors; it was a declaration that the U.S. would not cede its tech dominance to any rival. As factories broke ground across the American heartland, a new era of high-tech manufacturing began to take root.
This was after realizing how much the United States had become dependent on cheap labor from China, which at this time was seen as an enemy of the United States.
Another important move was in March 2022, when Biden made headlines with his Executive Order on Ensuring the Responsible Development of Digital Assets. This wasn't a full embrace of crypto, but neither was it a rejection. Instead, it called for a comprehensive approach to cryptocurrency regulation, emphasizing consumer and investor protection, financial stability, and the mitigation of illicit finance risks.
The order set in motion a flurry of activity across government agencies. The Treasury Department, SEC, and CFTC began crafting frameworks to bring crypto into the regulatory fold. This wasn't always smooth sailing - the crypto community often pushed back against what they saw as heavy-handed regulation, while traditional finance lobbied for stricter controls.
Biden's approach to crypto wasn't just domestic. His administration worked to position the U.S. as a leader in the global conversation on digital currencies. This included exploring the potential of a U.S. Central Bank Digital Currency (CBDC) - a move that could revolutionize both domestic and international finance.
Biden also made other policies, such as bolstering domestic semiconductor production, enhancing cybersecurity measures, and promoting responsible AI development while also addressing the challenges posed by Big Tech and emerging technologies like quantum computing.
While Biden’s policies are bold, Donald Trump's policies are bolder, and looking at some of them throws light on what to expect if he wins.
Trump focused on promoting American technological dominance and addressing perceived threats from foreign competitors. He emphasized deregulation to spur innovation, particularly in areas like 5G networks and artificial intelligence.
Trump took a hard stance against Chinese tech companies, citing national security concerns, which led to restrictions on firms like Huawei and attempted bans on popular apps like TikTok, which led to congress passing a law during Biden’s era.
His administration also pushed for social media regulation, challenging Section 230 protections. Trump signed executive orders on emerging technologies to maintain U.S. leadership in AI and quantum computing. However, his approach to cryptocurrency was relatively hands-off, with some in his administration expressing skepticism about digital assets.
Overall, Trump's tech policies were characterized by a mix of nationalist economic strategies and a confrontational approach to international tech competition.
As my final thought, while I believe the world is on the verge of a reset, little will change on the frontier of technology. Too many players have entered the field, and the United States can not afford to flex its muscles too much.
The world is slowly moving into a multipolar world. One mistake could become the catalyst for change; China, like a hungry kid, is waiting to take the lead, and any mistake in policies or posture could lead to total annihilation.
I wrote an article on Crowdstrike: Who is getting fired? a look at how companies are connected and a hit on one is a hit on all of them makes one wonder how powerful the United States is.
A question many will be asking with the current election is, what is the future?
Let me know what you think.
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