Throughout the majority of his tenure, U.S. President Joe Biden and his administration have shown a somewhat antagonistic approach towards cryptocurrencies. A prime example of this is their active effort to dismiss SAB 121, a contentious accounting regulation that poses challenges for banks looking to hold or ‘custody’ crypto assets.

However, the narrative began to shift with the previous President Donald Trump’s announcement in May, expressing his support for the burgeoning sector. This was further solidified when he promised to establish a strategic Bitcoin reserve, actively support the growth of the local Bitcoin mining industry, and even release Ross Ulbricht, the founder of the infamous Silk Road, from prison.

The stance of the White House towards cryptocurrencies has been somewhat hostile under the leadership of current U.S. President Joe Biden. They’ve notably put significant effort into blocking a controversial accounting rule, known as SAB 121, which complicates the process for banks to hold cryptocurrencies.

But the tide started to turn with former President Donald Trump’s declaration of support for the industry in May. He went further by promising not only to create a strategic bitcoin reserve but also to aid the development of the American bitcoin mining sector and even to secure the release of Ross Ulbricht, the creator of the notorious Silk Road, from jail.