Biden

Chair

Joe Biden

Donald Trump

The global digital asset industry is continuously dealing with regulatory challenges pushed by the top <a href="https://news.todayq.com/uks-financial-watchdog-reveals-blueprint-for-fund-tokenization/" rel="noopener noreferrer nofollow">financial regulators</a>. These challenges align with top political personalities taking their sides for and against crypto. The recent statements made by US President Joe Biden might raise concern for the crypto market. Biden chose to go against crypto 
Eleanor Terrett, FOX journalist, in a post reported that the two next US presidential contenders gave out their different views on cryptocurrencies. On one hand, Biden made it clear that he would support the SEC’s regulatory enforcement, on the other hand, Donald Trump suggested that he would stop his hostility to cryptos.
She stated that the two presidential frontrunners planted their flags on very different sides of the crypto debate today.
As per the report, Biden made clear that he would go with US Senator Elizabeth Warren and Securities and Exchange Commission (SEC) chair Gary Gensler. It is assured that he will continue to support the commission’s regulation by enforcement.
In the recent action, Robinhood is potentially facing legal action from the SEC. This highlights the need for “regulatory clarity” in the crypto space. The company asserts that it’s been striving for compliance, despite the Wells notice. Robinhood pledges to persevere, affirming its commitment to innovation and advocating for clear regulations to benefit both the industry and customers. What does Trump says? 
The report added that Donald Trump said he would stop the hostility towards crypto in the US. He stated that he’ll “make sure” to start accepting campaign donations in crypto.
Eleanor Terrett stated that this might be the first time that Donald Trump has openly endorsed (or even publicly spoken about) “crypto” instead of just Bitcoin. As highlighted the former President stated, “If you like crypto in any form and it comes in many forms, if you’re in favor of crypto, you better vote for Trump.” However, he even mentioned Gensler.
In the latest development, the US House of Representatives decided to reject SEC’s SAB 121. It is aimed at clarifying crypto accounting and reflects industry concerns over banking access to crypto markets.
Meanwhile, President Biden’s threat of veto underscores broader regulatory tensions. GOP lawmakers and digital firms critique SEC Chair Gensler’s approach, accusing him of exceeding his mandate and neglecting collaboration with banking authorities. Representative Mike Flood’s criticism highlights Gensler’s alleged bias against digital assets, suggesting inadequate communication between SEC and banking regulators.

Biden backs SEC’s crypto crackdown, while Trump signals change

Todayq News

Other articles published on May 9, 2024

US Presidential Candidate Donald Trump Promises "Full Support" for Cryptocurrencies!

Unwavering Indicators Suggest Long-Term Triumph for Bitcoin Amidst Price Fluctuations

Bitcoin mining difficulty drops by 6%, lowest since December 2022

Expert Analysis: Vaishali Parekh’s Top Three Stock Recommendations for Today, May 9 – A Deep Dive...

Binance Refutes Market Manipulation Allegations

Bitcoin Exchange Inflows Hit Decade Low Amid Growing Institutional Interest

Join our free newsletter for daily crypto updates!