According to Ripley, Biden Administration’s Evolving Stance

“When we entered this year, the executive branch has been, via the SEC, strongly negative to cryptocurrencies,” Ripley noted in the interview with CNBC “Squawk Box.” “But across the U.S. government, many people have supported this. I go to Washington, D.C., on a regular basis and run into a lot of supporters as well as numerous Congressmen and senators. And I believe over the past several months, maybe two months or so, we have seen really substantial support; now, we also have bipartisan support.”

Support for FIT21 Act

Ripley gestured in the direction of the Financial Innovation and Technology for the 21st Century Act (FIT21. Passing 279-136 on May 22, the measure seeks to control the bitcoin market holistically.

“We didn’t expect it to be that successful,” Ripley said of the bill’s overwhelmingly passing. “It turned out to be really popular. On the Democrat side, I believe it was 71 as well. Thus, you know, there has been some easing in the executive branch.”

Trump’s Shift on Cryptocurrencies

Ripley also pointed out former US President Donald Trump’s turn toward cryptocurrencies, which helps to explain the new stance in line with a possible educational “journey” followed by the expected GOP candidate.

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“With bitcoin and cryptocurrencies, everyone sets out on an adventure. I did it for myself. And you know his remarks on bitcoin and cryptocurrencies are recent, so I would hope he’s kind of on that learning trip,” Ripley remarked in the interview. “When people really commit the time to learn about Bitcoin and cryptocurrency, it’s almost always a positive outcome.”

Previously referring to Bitcoin as a “scam,” Trump published an NFT collection in April 2023 and even said in late May of this year that he supports cryptocurrencies.

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