The Biden administration has reportedly been reaching out to crypto institutions and experts for discussion on the nature of crypto regulations in recent weeks.

While the super PAC group is focused on congressional candidates for the moment, it’s likely that the major investment has drawn a line in the sand for incumbent President Biden ahead of the presidential elections this November.

It’s also possible that recent Ethereum ETF approvals by the SEC could be signaling a more welcoming climate for crypto projects overall, further softening Biden’s stance. With crypto becoming increasingly integrated into mainstream institutional finance, the proposed SEC regulations would likely have wider ramifications throughout the financial industry that the Biden administration may not have foreseen.