Joe Biden’s recent pivot to the crypto market has caused havoc in the community. The consensus surrounding the shift was of doubt.
Multiple reasons justified the skepticism around the pivot. The US President had previously blocked a pro-crypto bill. The bill was aimed at eliminating guidance by the SEC that stops large banks from offering crypto custody services.
Moreover, the market has also seen some politician-themed coins proven to be a pump-and-dump scheme. However, a recent statement by Pantera Capital analysts has crypto enthusiasts on their toes. The analysts believe that the pivot from the US President is indeed sincere.
Erik Lowe and Cosmo Jiang stated that Biden’s shift to crypto reflects his resistance to publicly opposing the appointed commissioner. The statement refers to Gary Gensler, the SEC Chair.
Cosmo Jiang is the portfolio manager at Pantera while Erik Lowe is the head of content. Pantera Capital is a hedge fund firm that specializes in virtual assets.
Cryptocurrency has been a hot topic in the US, especially with the presidential election coming up. And Pantera Capital analysts think that Biden is choosing a quiet path instead of asking the SEC to make amendments to the rule.
In compassion, former US President, Donald Trump had openly shown support for crypto. Lowe and Jiang believe that Biden is also warming up to crypto despite the public image suggesting otherwise.
The Senate had passed a resolution to scrap while Biden stopped the initiative. Therefore, analysts think that publicly disagreeing with the SEC chair would not be embarrassing.
In addition, presidents are seen to be respecting the decisions of regulatory authorities. First Trump and now Biden’s pro-crypto stance is hunting for big changes coming to the industry.
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