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For the first time in cryptocurrency markets, we may see a bull season fueled by political support. This will be really interesting. We’ve been talking for a while about US Republicans taking a more moderate approach to cryptocurrencies. Biden accused them of being crypto bouncers and turned it into a political slogan. This chaos will benefit crypto investors.
Crypto Bouncer Republicans
This week, US President Biden said that cryptocurrency investors are protected by Republicans. He even mentioned that they had withheld the US from $18 billion in tax revenue. This political conflict could benefit cryptocurrencies. The conflict is growing, and with Biden fueling it, it will move to another point.
If you’ve been following us, we’ve been writing more and more articles about how Republicans are shifting towards crypto bias. Because in the medium and long term, this move could have significant consequences for cryptocurrency investors. Even today, investors owe it to the Republicans if they believe that strict crypto regulations will not be enacted.
The upcoming elections started the process of looking for a cover for the failures of the Biden administration. The Biden front, which blamed Trump, whom they hate, for the bank failures, now blames them for the growing chaos over the budget ceiling. Moreover, Biden said that the US is losing billions of dollars today because you are pro-crypto.
Cryptocurrency Bull: Republicans
If that happens, we could be in for the most interesting bullish period in the short history of cryptocurrencies. The US Securities and Exchange Commission (SEC) has so far ignored congressional requests for information about its interactions with crypto platforms seeking to register as exchanges, according to Republican lawmakers in the House of Representatives. Moreover, they continue to ignore them.
If they do not receive a satisfactory response to the letter sent this week, we may soon see a House of Representatives hearing on negative discrimination against cryptocurrency companies.
Patrick McHenry, Chairman of the House Financial Services Committee, which oversees the SEC, sent a letter to SEC Chairman Gary Gensler this week, complaining about the rejection of a request made on April 26. The letters, also signed by Representative Bill Huizenga, come at a time when Republican lawmakers have criticized the agency for trying to subject the crypto industry to existing securities regulations.
Part of the letter read;
“You want crypto companies to register with the SEC, yet you have refused to set rules they can follow.”
Moreover, the latest letter also requested a list of crypto companies applying for registration. In addition, the House of Representatives Financial Services Committee will meet on May 18 with the Stablecoins agenda.
