Biden Opens Doors to Crypto Thought Leaders, Signaling Policy Pivot

IconCryptoNewsTerminal Staff30 May, 2024

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Biden Opens Doors to Crypto Thought Leaders, Signaling Policy Pivot

The Biden administration is taking a new approach to cryptocurrency policy, seeking advice from industry leaders in a major shift in stance, according to a recent report in The Block. The outreach, which began about two weeks ago, is the latest sign that the administration's tone on crypto has changed dramatically. This shift follows an industry outcry over the administration's decision to veto a bipartisan bill that would have blocked a controversial accounting rule (SAB 121) imposing new custody requirements on financial institutions dealing with crypto. The administration's move also comes after former President Trump's recent embrace of the crypto-friendly label. These developments suggest that both major political parties are recognizing the growing importance of cryptocurrency and seeking to position themselves accordingly.

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