JAKARTA - Pantera Capital, a leading investment company, is observing a significant change in US President Joe Biden's approach to crypto policy. Although Biden recently blocked a bill supporting the crypto industry, analysts at Pantera Capital believe that this change is real. The bill aims to remove controversial guidance from the Securities and Exchange Commission (SEC) that prevents major US banks from providing large-scale crypto custodial services.
Quoted from CCN, Jiang and Lowe, analysts at Pantera Capital, said Biden's decision to veto the SATB 121 Bill was most likely due to his reluctance to publicly oppose SEC Chairman Gary Gensler. As president, Biden tends to respect the independence of regulatory bodies such as the SEC apart from the executive branch. Therefore, Biden chose a calmer approach by asking the SEC to change the rules independently.
Meanwhile, former president Donald Trump, who is expected to become a presidential candidate from the Republican Party, firmly supports crypto. However, Biden seemed more cautious even though gradually he began to accept the crypto industry more. Jiang and Lowe noted that Biden did not veto the more significant Financial Innovation and Technology for the 21st Century (FIT21) bill, which escaped the House of Representatives in mid-May.
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The FIT21 bill aims to create a clearer regulatory framework for cryptocurrencies in the United States. Although SEC Chair Gensler has a skeptical view of FIT21, arguing that the bill could create new regulatory loopholes and undermine existing precedents, the White House is showing great interest in working closely with Congress in regulating crypto responsibly.
Pantera Capital also encourages young voters, especially those who own crypto, to participate in the upcoming elections. Analysts of Pantera stated, "Many young crypto owners are very enthusiastic about the importance of crypto for the world so they tend to be the sole voters of the issue. This attitude is likely to attract young voters to candidates they might not have previously considered.
Biden's re-election campaign has reportedly started in contact with the crypto industry in recent months to form a crypto policy in the future. On the other hand, Trump is actively interacting with the crypto community, holding events with Bitcoin miners and non-fungible token (NFT) investors at his Florida resort, Mar-A-Lago, as well as accepting campaign donations in the form of crypto.
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