This new directive from Trump is expected to explicitly roll back the measures introduced as part of “Operation Chokepoint 2.0.” This alleged initiative by the Biden administration aimed to block banking services for crypto companies and executives.

You Might Be Interested In: Elon Musk Talks About the Name of a New Memecoin!

Bo Hines, Executive Director of the White House’s Presidential Working Group on Digital Assets, confirmed to Decrypt that an administrative process is underway, although he declined to provide further details. Hines stated, “I think the industry can expect something in short order.”

Hines also emphasized that the Trump administration is determined to end all practices associated with Operation Chokepoint 2.0. The term was coined by Nic Carter, a partner at Castle Island Ventures, referencing the original “Operation Choke Point” initiated during the Barack Obama era, which targeted payday lenders and firearms dealers.

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Blockchain Association Calls on Congress to Repeal DeFi Rule

The Blockchain Association, representing 76 crypto organizations, has urged congressional leaders to support Senator Ted Cruz in repealing the anti-crypto regulation finalized during the final days of former President Joe Biden’s administration.

On February 19, the Blockchain Association sent a letter to Senate Majority Leader John Thune, Senate Minority Leader Chuck Schumer, House Speaker Mike Johnson, and House Minority Leader Hakeem Jeffries, calling for the repeal of the IRS’s decentralized finance (DeFi) broker rule.

The letter was signed by major crypto organizations, including 0x Labs, a16z Crypto (Andreessen Horowitz’s crypto division), Aptos Labs, Crypto.com, Grayscale, Dapper Labs, and Ava Labs.

Crypto Firms Criticize Biden-Era IRS Regulation

The letter advocates supporting Senator Ted Cruz’s Congressional Review Act (CRA) resolution, S.J.Res. 3, which seeks to expand the definition of a “broker” under US law to include software providers that enable access to DeFi protocols.

Set to be implemented in 2027, the DeFi broker rule would subject decentralized exchanges to the same reporting requirements as traditional brokers.

The IRS disclosed on December 27, 2024, that if implemented, the DeFi broker rules could affect up to 875 DeFi brokers in the US.

Industry Concerned About Stifled Innovation

The Blockchain Association argued that the rule imposes severe and unjustified burdens on American DeFi companies, threatens innovation in the digital asset sector, and weakens US competitiveness in financial technology:

“Under the rule, software companies that never take custody or control of users’ assets will be required to radically rebuild their services. This would unnecessarily involve collecting personal identifying information and transaction details to report to the government.”

In addition to the compliance burden, the rule unfairly targets US-based crypto companies and could “cripple DeFi innovation” in the US.

The Blockchain Association described the rule as a “midnight regulation” and stated that such far-reaching decisions should be made by Congress. The letter called on Congress to support the CRA resolution to foster DeFi innovation, economic growth, job creation, and financial inclusion.

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Zuckerberg admitted that it is true that the final call to censor content rests with Meta; however, some of those decisions made during that period wouldn’t be made again in light of new knowledge and further information. When asked whether he thinks the government pressure was wrong, Zuckerberg replied, I think it was wrong, and I wish we were more vocal about it,” while, at the same time, stressing that he stands for the principle that they should not give in to pressure and dilute the standards of their content.

In the same letter, Zuckerberg also discussed how, in 2020, he and his team decided to lower the ranking of a Russian disinformation story about Hunter Biden’s laptop, which at the time was heavily criticized. He said that change has, however, occurred in the policies to avoid such circumstances occurring in the future.

Zuckerberg’s disclosures have elicited a strong response, especially from proponents of decentralization and freedom of speech. Gabor Gurbacs, the Director of Digital Asset Strategy at VanEck, tweeted the letter on X, stating that individuals who coerced media companies into bowing down and censoring their content should be prosecuted. “The government doesn’t control speech,” he added. “The earth is not a prison; they are not our jailers.”

US Senator Mike Lee also chimed in, claiming that it was regretful that Zuckerberg’s apologies had not come any earlier when they could have made the difference. However, Charlie Kirk, founder and CEO of Turning Point USA, encouraged people to express skepticism towards Zuckerberg while being optimistic and praying that he could become a free speech warrior.

Another tech billionaire, Elon Musk, also welcomed the letter from Zuckerberg and said that it was “a step in the right direction.” Musk recalled that the purpose of the social platform is not to censor people but to support all the viewpoints associated with legal actions, while comparing the actions of Facebook during the pandemic.

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An unofficial Associated Press Democratic Delegate survey indicates that Harris has now gotten pledges from 2,668 delegates at the time of publication.

The outcomes place her as the most likely Democratic Party candidate, challenging Republican nominee Donald Trump. The delegates who initially backed Harris will still have to formally register their ballots in the next few weeks and are supposed to name an official nominee by Aug. 7.

“Tonight, I am proud to have secured the broad support needed to become our party’s nominee… I look forward to formally accepting the nomination soon” Harris remarked in a statement.

Following his abrupt decision to resign from the election campaign on July 21, present President Joe Biden endorsed Harris.

Bill and Hillary Clinton, as well as House Speaker Nancy Pelosi, backed her, therefore dispelling rumors that Hillary might have been considering running once more as a presidential candidate. Harris’s support comes in line with worries about Joe Biden’s health following his announcement that he contracted COVID-19.

According to Biden’s doctor, on July 22, his symptoms were “almost resolved completely.”

While Donald Trump has taken a firm position on Bitcoin and cryptocurrencies—vowing to defend US Bitcoin miners and stop the Biden administration’s “war on crypto“—in June, Harris has not made any strong comments on digital assets. Still, Harris is a native of California who has been identified as among the more tech-savvy Democrats rising to prominence recently.

Key to a Harris nomination and how it affects crypto will be who she chooses as running mate—political analysts pin Pete Buttigieg, Josh Shapiro, JB Pritzker, and Gavin Newsom as possible vice presidential contenders. None of these possible candidates show strong opinions on digital or cryptographic assets.

Whether Harris’s crypto policy would differ significantly from the present Biden administration’s is yet unknown.

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Opportunity for Democrats to Win Back Crypto Supporters

Variant Fund chief legal officer and former Blockchain Association lawyer Jake Chervinsky said in a July 22 post on X that this would provide the party, which has been mostly anti-crypto under Biden, a “huge opportunity to win back a big share of the crypto vote” before adding, “this should be top priority for the new nominee in an election that will be won on the margins in states where crypto is a live issue.” Thousands of crypto enthusiasts, he said, are “single-issue voters” who might tilt this election in areas like Michigan and Pennsylvania.

Though there are Democrats that favor crypto and many left-leaning yet conflicted owing to the Biden administration’s anti-crypto policies, crypto is not intrinsically a political issue, he said. Chervinsky offered five suggestions for the fresh candidate to appeal to crypto enthusiasts. These included realizing the value of cryptocurrencies for the US economy, appreciating the shortcomings of present legislative policies, advocating balanced policies for innovation and consumer protection, recommending crypto-friendly appointees for important agencies including the SEC and CFTC, and interacting with crypto industry players.

Industry Reaction and Future Prospective Effects

“I think the Democrats have a great chance, but only the new nominee will determine whether to grab it” he said. While Gary Gensler and Senator Elizabeth Warren may have misled White House policy in the past, the crypto policy group the CEDAR Innovation Foundation said that this is the moment to present a new vision for American innovation that keeps innovation jobs in America, ensures global competitiveness in digital assets, and heralds in a new era of financial inclusion and prosperity.

Furthermore, on July 22, Cinneamhain Ventures partner Adam Cochran said that Kamala Harris does not yet have a public opinion on cryptocurrencies. Her possible running partners are pro-crypto, however. “I think you would expect an attempt to distance yourself from Gensler, Warren and Biden era policy on crypto” he said, adding “given the backlash they have seen on the matter, and the field of moderates who have reasonable crypto takes.” As appealing to swing voters, Messari creator Ryan Selkis said Harris would be “honest about how enlightened she is now with crypto.”

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According to Bitcoin markets platform Coinglass, a significant 2.3% drop in Bitcoin’s price to $65,880 set off the massive liquidations that occurred on July 21 between 5:30 and 6 pm UTC. But Bitcoin rebounded fast, rising to a 24-hour high of $68,480, which caused traders with leveraged short positions to lose $34 million overall.

Reaction of the Market to Biden’s Withdrawal

“Biden was not credible to beat Trump so an alternative candidate could have limited Trump’s chances” said Markus Thielen, founder of bitcoin company 10x Research. “But there is no credible alternative… hence BTC pump.” A “huge” purchase order also entered the market around that time, according to Thielen, which helped to drive the quick rebound.

Between 10 am and 10 pm UTC on July 21, over a greater 12-hour period, more than $81.1 million and $53.4 million in long and short positions were wiped out. It comprised $31.1 million of Ether and $43.8 million worth of Bitcoin; Solana liquidated $8.6 million. Comprising $134.5 million, the combined liquidations was the biggest during a 12-hour period since July 8. With a total value of $64.5 million and $44 million respectively, Binance and OKX handled most of the liquidations.

Future Implications

Considered the most probable successor for Biden as a Democrat contender is US Vice President Kamala Harris. Polymarket’s distributed forecasts platform shows Republican nominee Donald Trump with 64% chances of winning the 2024 election, followed by Harris at 31%.

Up 0.70% over the last 24 hours, Bitcoin is trading at $67.656 right now.

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For some traders, Biden’s declaration renders any bets they have depending on him to win the forthcoming contest basically useless.

One such trader, AnonBidenBull, noticed that three of his Polymarket investments lost $2 million overall after Biden’s speech. AnonBidenBull had placed large bets on Joe Biden’s winning the presidential contest, the 2024 nominee, and the popular vote. But the value of their positions dropped by 99% when Biden made his announcements.

Other traders, nevertheless, found themselves on the positive side of things. One such trader has placed about $12,500 on Kamala Harris’s likely Democratic nomination in 2024. Although Polymarket now estimates VP Harris’s odds at 79%, her ascent is not yet clear-cut; however, the value of that trader’s position rose by more than 6,000%, to about $769,000.

Particularly since rumors of Biden pulling out of the race started to gather, crypto traders have swarmed Polymarket in recent weeks. The website recently hired Five Thirty Eight’s founder, Nate Silver, an expert in electoral statistics, as an advisor.

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In a July 21 statement, Biden said only that it was in the “best interest of my party and my country,” not mentioning his own motives for leaving. His departure leaves the Democrats to contend with the Nov. 5, 2024, election day without his candidacy.

The continuous rumors about Biden possibly resigning have some people projecting Kamala Harris as a likely successor. Still, none of the replacements have been formally confirmed yet.

Biden’s criticism of the crypto market has made him a quite divisive figure in the field. Biden vetoed on June 1 a resolution rejecting the U.S. Securities and Exchange Commission (SEC) Staff Accounting Bulletin (SAB) No. 121.

The bitcoin community objected to Biden’s choice, claiming it hampered national innovation. “This is a slap in the face to innovation and financial freedom,” Cody Carbone, head policy officer of Digital Chamber, said.

Two weeks after Donald Trump, the Republican Party’s presidential nominee, escaped an assassination attempt, word of Biden’s resignation is breaking.

Macroeconomist Lyn Alden contends in a recent interview with Cointelegraph that should Trump win the forthcoming US presidential elections, business tax cuts could be extended, therefore benefiting the crypto markets.

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Record-Breaking Volumes

Dune Analytics claims Polymarket had $116.4 million in volume this month, more than the $111.5 million it reported last month, its previous highest month. Speculation on the result of the U.S. presidential election directly accounts for most of this trade activity.

Presidential Election Bets

On which presidential candidate would most likely win the U.S. election on Nov. 4, political dealers have bet a shockingly $263.5 million. With 69% chances of winning, Trump is still the popular favorite among prediction merchants at the time of publishing; incumbent President Joe Biden comes second at 19%. Third at 6% is Vice President Kamala Harris; former First Lady Michelle Obama comes in fourth at just 2%.

Total Wagered Amount

A total of $471.9 million has been bet on Polymarket on events ranging from politics, business, sports, and cryptocurrencies since the start of this year. The platform’s trade volumes have surged as interest in the next presidential contest shows great intensity.

Nate Silver Joins as Advisor

According to a July 16 Axios article, Polymarket apparently recruited Nate Silver, an election expert and statistician, as an adviser. Silver underlined the need of prediction markets in comprehending more general attitude during stormy social and political periods. “Probabilities really matter when you’re trying to make plans,” Silver added.

Impact of JD Vance as Running Mate

One of the few experts who thinks Trump’s choice of running mate, Ohio Senator JD Vance, who is crypto-friendly might harm Trump’s campaign On platforms like Polymarket, the dynamics of the election and the decisions made on running mates still affect market mood and trade volumes.

Funding and Accessibility

Closed a $70 million Series B investment round headed by Peter Thiel’s Founder Fund on May 14, Polymarket had Ethereum co-founder Vitalik Buterin among noteworthy attendees. Polymarket is mostly utilized for speculation on the result of American political events even though traders living in the United States cannot access it.

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The presumed Republican Party presidential candidate has shown great enthusiasm for the blockchain and bitcoin sectors over the last few months.

At a Mar-a-Lago event last month, Trump declared that, should he win, he would support bitcoin mining. May saw Trump begin to accept political payments in cryptocurrencies. Prominent crypto personalities, including Ark Invest CEO Cathie Wood and Gemini founders Cameron and Tyler Winklevoss, as well as others, have backed his advocacy.

Along with Republican Sens. Bill Hagerty and Marsha Blackburn and former presidential candidate Vivek Ramaswamy, other U.S. politicians scheduled to speak at Bitcoin 2024 include presidential contender Robert F. Kennedy Jr., who promised to guarantee people’s freedom to possess and use bitcoin is “inviolable,” having given a keynote speech in support of crypto at Bitcoin 2023.

President Joe Biden’s campaign has apparently been contacting crypto sector players for advice on digital asset policies, but it has not yet made any major crypto or blockchain announcements.

In a Tuesday letter, U.S. IT sector group the Chamber of Progress has encouraged Biden to express support for thorough crypto regulation, stating that Trump has profited from the lack of transparency of the Biden government.

Users of distributed prediction markets While just 13% of Polymarket believe Biden will win the next November presidential contest, Polymarket currently projects a 63% possibility that Trump will prevail.

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