Everyone at Consensus 24 Is Talking About Biden’s Crypto Flip Flop. Is He for Real?

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In just a few weeks, there have been significant shifts. The bipartisan decision in the House and Senate to revoke SEC’s controversial accounting bulletin (SAB121) was only the beginning. More recently, it has been reported that the Biden administration is reaching out to crypto companies for their input on potential crypto regulations. This new development suggests that progress may be made on the political, regulatory, and legislative fronts for the US crypto industry.

See also: The Biden Administration Is Easing Up on Crypto (a Vibes Analysis)

As a researcher studying the intersection of finance and technology, I’ve noticed a palpable shift in attitude towards cryptocurrencies. Yesterday, on the Consensus stage, NYSE President Lynn Martin shared her perspective, expressing her belief that crypto will soon move beyond being a contentious political issue. Just as stocks and bonds are generally considered apolitical, it seems illogical to classify crypto as inherently political. In fact, the technical design of protocols like Bitcoin may even make a stronger case for their neutrality.

Despite the apparent shift in Biden’s stance on cryptocurrency regulation, a well-known crypto lawyer from a prominent DeFi company, who requested anonymity due to the confidential nature of his work, expressed skepticism. He believes that if Biden gets re-elected, he will continue with his previous policies. Regarding any relief or ease in his job, he firmly stated “none whatsoever.” For him, today is no different from yesterday.

Austin Campbell, a business instructor at Columbia University with connections in Washington D.C., shared this perspective: The current shift in Congress, which may appear similar, is unlikely to be permanent. An analysis of the voting pattern on the significant Financial Innovation and Technology for the 21st Century Act (FIT21) reveals that it largely followed age lines. While it’s encouraging that younger congress members generally have a better understanding of modern issues, it’s important to remember that older politicians still hold considerable power in U.S. politics. However, their reign won’t last forever.

As an analyst, I’ve had the opportunity to witness an intriguing debate this morning between Ryan Selkis, founder of Messari, and Marvin Ammori, chief lawyer at Uniswap Labs, on the Main Stage. Previously, they engaged in discussions with former President Trump at Mar-a-Lago Club. During this debate, Selkis expressed his skepticism towards any potential relaxation of regulatory stance on crypto by Democrats. He attributed this shift primarily to Trump’s capture of the “single issue” crypto vote and advised caution. On the other hand, Ammori argued that political transitions don’t occur overnight and that legislations such as SAB121 and FIT21 were the outcome of genuine bipartisan collaboration and successful lobbying efforts within the crypto community.

See also: Trump Widens Lead Over With Biden (on Polymarket and PredictIt) After Courting Crypto Vote

“Ammori emphasized that it’s not ideal for crypto to take a partisan stance, as this could hinder progress in the future. In essence, the unpredictability of political campaign promises makes it risky to align with any one party or candidate. Selkis suggested moving beyond optimistic assumptions about Democratic support for crypto and instead focusing on the practical implications: if bipartisan backing exists, it would likely be due to changing needs among Democrats.”

“At the moment, Democrats behave like unfaithful spouses who have been caught in a compromising position, according to Selkis. Rewarding this party with our support now seems senseless and even disrespectful towards ourselves. Instead, they should make amends for their actions.”