Experts say Biden\u2019s latest move against crypto could cost him the 2024 election.\n<\/p>\n
Many thought the Biden administration was warming up to cryptocurrencies after the Securities and Exchange Commission (SEC) green-lighting<\/a> Ethereum ETFs, while the Financial Innovation and Technology for the 21st Century (FIT 21) bill gained bipartisan support and Biden walked back a decision to veto it.<\/p>\n But it was short lived.<\/p>\n Things took a surprising turn when U.S. President Joe Biden put his foot down, vetoing <\/a>legislation designed to dismantle the SEC’s Staff Accounting Bulletin (SAB) No.121 rule, even as 11 Democrats voted for it, joining 48 Republicans.<\/p>\n This move has left the crypto community questioning Biden’s and the Democratic party\u2019s support.<\/p>\n \u201cSnatching defeat from the jaws of victory,\u201d Galaxy Digital\u2019s Mike Novogratz said. \u201cThe [Democrats] were trying to defuse [Donald] Trump being the crypto president and were doing a great job. But this doesn\u2019t help at all. Whoever is advising Biden needs to have his head examined.\u201d<\/p>\n SAB 121 requires financial institutions holding crypto assets to record them as liabilities, ensuring that these entities keep a one-to-one reserve of different assets and maintain stringent internal records. The rule makes it tough and pricey for banks to offer large-scale crypto custody services.<\/p>\n Biden, however, insisted that this accounting guidance was necessary to protect customers and prevent financial misconduct. In a statement, he mentioned that his administration aims to work with Congress on a \u201ccomprehensive and balanced\u201d crypto regulation framework.<\/p>\n The crypto community wasn\u2019t pleased.<\/p>\n “We are disappointed that Biden chose to override the bipartisan majorities in both Houses of Congress who acknowledged the harm caused by SAB 121,\u201d Dan Spuller, vice president of the Blockchain Association said<\/a>.<\/p>\n Anthony Scaramucci from Skybridge Capital didn\u2019t mince his words.<\/p>\n \u201c[Biden\u2019s] position on crypto may cost him more than he realizes,\u201d Scaramucci tweeted<\/a>. \u201cIt was a really bad decision to veto that bill. Especially at this critical time.\u201d<\/p>\n Crypto lawyer Pablo Enrique weighed in, saying, \u201cWith Biden vetoing even against recommendations of the banking industry, it\u2019s hard to see that he passes anything really solid regarding crypto.\u201d<\/p>\n Of the 335.89 million U.S. residents, an estimated <\/a>50 million eligible voters are crypto enthusiasts. Crypto ownership is notably high among younger <\/a>demographics, with over 40% of men aged 18-54 and more than 30% of African Americans and Hispanics owning cryptocurrencies in 2024.<\/p>\n The growing crypto-holding demographic, plus sizable lobbying efforts with organizations such as from Coinbase, Blockchain Association, and Crypto Council for Innovation, means the once fringe blockchain industry is becoming a powerful political force\u200b.<\/p>\n Donald Trump has tried to position himself as the pro-crypto candidate, taking a U-turn on his views on cryptocurrency. In May, Trump\u2019s campaign accepted crypto donations, expressed support for commuting Ross Ulbricht\u2019s sentence, and promised to keep crypto innovators in the U.S.<\/p>\n According to the crypto-betting marketplace Polymarket, despite his conviction on May 30, Trump is predicted to win the upcoming election in November. As of the latest data<\/a>, Trump’s chances of winning are at 56%, while Biden’s are at 37%.<\/p>\n Still the passing of FIT 21, which aims to create a comprehensive legal and regulatory framework for cryptocurrencies and digital assets, provides a glimmer of hope for the crypto industry that it is getting more bi-partisan support.<\/p>\n The bill passed in the House with a vote of 279 to 136, and the Senate with a vote of 60 to 38. Notably, 135 Democrats in the House supported FIT 21, while 27 Democrats in the Senate voted in favor.<\/p>\n This level of Democratic support for a cryptocurrency-related bill is substantial compared to previous crypto bills.Bills <\/a>like the Token Taxonomy Act (2018) and the Crypto-Currency Act of 2020 had <\/a>minimal Democratic support, with fewer than 10 and 5 Democratic co-sponsors, respectively.<\/p>\n But for some experts like Joe Vezzani, CEO, LunarCrush, it doesn\u2019t really matter if Biden is pro or against crypto.<\/p>\n \u201cI\u2019m not worried about the short-term effects that Biden will have on the industry,\u201d he told The Defiant. \u201cThe industry will continue to grow and flourish with or without the support of these people, like it always did.”<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":" Experts say Biden\u2019s latest move against crypto could cost him the 2024 election. Many thought the Biden administration was warming up to cryptocurrencies after the Securities and Exchange Commission (SEC) green-lighting Ethereum ETFs, while the Financial Innovation and Technology for the 21st Century (FIT 21) bill gained bipartisan support and Biden walked back a decision […]<\/p>\n","protected":false},"author":2,"featured_media":317546,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[274,273,272,244,266,271,268,270,269,267],"class_list":["post-317545","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-de-fi","tag-crypto-finance","tag-decentralized-finance","tag-liquidity","tag-metamask","tag-pancake","tag-slippage","tag-sushiswap","tag-tronlink","tag-trust-wallet","tag-uniswap"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/317545","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=317545"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/317545\/revisions"}],"predecessor-version":[{"id":317548,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/317545\/revisions\/317548"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/317546"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=317545"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=317545"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=317545"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Prevent Misconduct <\/h2>\n
It Will Cost Him<\/h2>\n
Political Force<\/h2>\n
Trump\u2019s Gain<\/strong><\/h2>\n
Glimmer of Hope<\/h2>\n