According to ChainCatcher, Matrixport's latest report pointed out that the US political circles are turning to support cryptocurrencies. After the Florida election fundraiser on May 8, Trump positioned himself as a future US president who supports cryptocurrencies. On the same day, the US House of Representatives passed a resolution opposing the SEC's cryptocurrency accounting policy, which prevents banks from serving cryptocurrency customers.
Pre-election polls on May 12 showed Trump leading in five of the six swing states. On May 22, the U.S. House of Representatives approved a broad bill to establish a regulatory framework for the digital asset market. The Financial Innovation and Technology for the 21st Century Act (FIT21) marks the first time that a major cryptocurrency bill has passed a single chamber of Congress.
Although Biden had until May 28 to veto Accounting Bulletin No. 121, on May 22, the White House said Biden would not veto the House's decision.