Biden Administration \“Pivoting to Crypto Deregulation\” - Industry Publication

Biden Administration \“Pivoting to Crypto Deregulation\” - Industry Publication

The Biden administration is taking a softer stance on regulating cryptocurrencies, according to a recent article in CoinDesk. In a column published on Wednesday, Daniel Kuhn, deputy editor of CoinDesk's Consensus Magazine, argued that "the Biden administration is pivoting to a more dovish stance on regulating crypto." Kuhn cited several reasons for the perceived shift, including: The increasing likelihood that the U.S. Securities and Exchange Commission (SEC) will approve a spot Ethereum (ETH) exchange-traded fund (ETF) A bill to nullify SEC accounting guidance (SAB 121) that effectively bans banks from holding crypto, which has gained support from some congressional Democrats The waning influence of crypto skeptic Sen. Elizabeth Warren (D-Mass.) The departure of FDIC Chair Jelena McWilliams, a crypto skeptic * The crypto-friendly stance of former President Donald Trump, Biden's political rival Kuhn also noted that the Biden administration's previous tough talk on crypto appears to be softening. In a speech last year, Treasury Secretary Janet Yellen said that cryptocurrencies "have the potential to improve the efficiency of the financial system." The perceived shift in the Biden administration's stance on crypto is likely to be welcomed by the industry. However, it remains to be seen whether the administration will take any concrete steps to deregulate cryptocurrencies.