Holding the future: Biden’s crypto dilemma on May 28th

Donald Trump recently hosted an event for Trump NFT holders. He expressed his support for the cryptocurrency market, asserting that the current government lacks a comprehensive understanding of how cryptocurrency operates. This went on to demonstrate that Trump was, or rather is, pro-crypto and, therefore, deserves a larger number of votes.

Now, Democrats have a chance to prove those claims wrong. They are likely to prove their pro-crypto status by signing Accounting Bulletin No. 121. If it becomes a law, it would mean they have indeed shifted their stance. Joe Biden has until May 28, 2024, to decide if he wants to veto it or sign the document to make it a law.

It has already been passed by 60-38, comprising 48 Republicans, 1 independent, and 11 Democrats. Assuming Biden vetoes it, then Congress will lose the votes to overwrite it.

Interestingly, Joe Biden had earlier said that he would veto the resolution if it made it to his table. The SEC Chair, Gary Gensler, has defended it. Many believe that the goal is to make it difficult for crypto holders to engage in banking services. Hence, Democrats have often been posed as anti-crypto.

The agency’s proposal essentially states that banks should show their customers’ digital tokens on the balance sheet, potentially for massive capital expenses. The House of Representatives had voted in favor of a resolution opposing this policy.

So, Joe Biden now has time until May 28, 2024, to decide if he wants to veto the resolution or sign it and make it a law. The latter rather paints a better picture for Democrats, for it signals that they are supporting the industry and, thereby, crypto holders. This would effectively challenge the image that Donald Trump created during his event for NFT holders.

Donald Trump gained more popularity after he responded to a question by saying that he would not mind accepting Bitcoin and other cryptocurrencies as contributions to his campaigns.

This comes at a time when Ether ETF is gaining momentum. The SEC is likely to give a green light to 2 applicants by the end of this week. This could enhance Ether’s market appeal, potentially initiating a journey similar to BTC’s following the approval of its ETF applications in January this year.

The price of ETH has increased by 2.02% in the last 24 hours, 27.36% in the last 7 days, and 20.75% in the last 30 days. It is closer to surpassing the psychological milestone of $4,000, which is expected to be done in the next couple of weeks if applications get a nod of approval from the Commission. Ether’s early resistance is at $3,900.

Roxanne Williams

Roxanne Williams has recently joined as a market reporter for CryptoNewsZ - the 24/7 crypto news site, where she produces recent stories, technical analysis and price updates on world's leading cryptocurrencies.

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