U.S. President Joe Biden seems to have reconsidered his stance on cryptocurrency in light of the upcoming November elections.
It seems that his remarks and the acts of his administration on the subject have taken on a different tone this year (2024).
Actually, criptovalute seems to have had a very positive reception in the first two years of Biden’s presidency, from 2020 to 2022.
In March 2022, Biden issued the first executive order on cryptocurrencies to establish the first federal strategy on digital assets in the United States. For instance, as an illustration.
Some senators in the US were working on a measure to regulate the cryptocurrency industry at the same time as the US Congress.
But this first stage was due to the general agreement that the sector had gotten its hands on it in 2021 during the last big bull run, and that it was almost certainly going away.
The consensus shifted, and it seemed as if the Biden administration had changed its mind, beginning in May 2022, the month in which the infamous series of disasters initiated by the Terra/Luna ecosystem and ended in November with FTX started.
The Senate’s crypto regulation came to a standstill as his administration began to implement more stringent regulations on the cryptocurrency market.
The SEC’s full-scale war against cryptocurrencies, which often ended in actual losses, has defined this second phase.
Remember also that when the FTX story broke, it showed that Sam Bankman-Fried had donated a lot of money to US politicians, mostly Democrats, using the money that the exchange had stolen from its customers.
It was just a matter of time until Biden and the Democrats sought to separate themselves from that culture.
Things have altered after SBF’s conviction in 2024. It seems that the Democratic government of Joe Biden has changed its viewpoint after three events occurred in the last year.
One was the SEC’s legal loss in its case against XRP. The whole smokescreen that the SEC built around the cryptocurrency industry started to crumble the second the agency lost that lawsuit, even though many believed it might have won.
After that, in January of this year, the SEC lost yet another court fight involving spot Bitcoin ETFs; since then, the relationship between the US and crypto markets has changed dramatically. Sam Bankman-Fried’s conviction for fraud has finally put an end to the FTX issue.