It was recently reported that analysts at Pantera Capital said that U.S. President Biden is privately urging the U.S. Securities and Exchange Commission (SEC) to change its cryptocurrency-related rules, although he is publicly unwilling to confront SEC Chairman Gary Gensler.

Biden has shown a tendency to align more with the crypto industry during his presidential campaign. The current controversy centers around the SEC’s Staff Accounting Bulletin No. 121 (SAB 121), which requires banks to list crypto assets held for customers as liabilities. This policy is considered too strict and may prevent banks from providing custody services for cryptocurrency businesses. Although both the House and Senate passed resolutions to overturn the policy, Biden has made it clear that he will veto the resolution, arguing that the policy is critical to protecting consumers and the stability of the financial system.

Although Biden publicly supports the SEC's position, some analysts believe that he privately has reservations about the severity of the rule and hopes to make adjustments without public confrontation to gain cryptocurrency supporters in the presidential campaign. recognition. $BTC $ETH $BNB