% 1.41
BTC Dominance:
% 0.21
Market Cap:
$2.38 T
% 1.77
Fear & Greed:
74 / 100
$ 66.194
BTC Dominance:
% 54.5
Market Cap:
$2.38 T

Is the Biden Administration Shifting Its Stance on Cryptocurrency?

Biden'S Laser Eyes

The Biden administration in the United States may be adopting a more lenient policy toward cryptocurrencies.

Jake Chervinsky, CLO of Variant Fund, expressed surprise at the potential approval of Ethereum ETFs, stating, “If Ethereum ETFs are approved, it will shock all my contacts close to the process in the capital.”

According to Bloomberg analysts, the SEC’s changing stance on Ethereum ETFs has significantly increased their approval likelihood from 25% to 75%.

Last week, the US Senate voted to reject the SEC’s SAB 121, a bulletin that made it difficult for financial institutions to provide custodial services for cryptocurrencies. It is expected that Joe Biden will veto this rejection.

Chervinsky noted, “The approval of ETFs could signify a major shift in US crypto policy following the SAB 121 vote, which might be even more significant than the ETF approval itself.”

Haseeb Qureshi, a partner at Dragonfly, believes Biden is softening his cryptocurrency policy ahead of this year’s presidential elections.

Haseeb stated, “[Biden] doesn’t want to lose votes in a tight race over a minor issue. ETFs are the first signal— I think in the coming months, we’ll see other institutions also starting to soften their stance.”

This potential policy shift could mark a significant change in the US government’s approach to cryptocurrencies, indicating a more favorable environment for the digital asset market.

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