President Biden and the Democrats have recently been projecting a more moderate and conciliatory stance on Bitcoin and cryptocurrency issues. 

However, following a record-breaking surge in TikTok memberships for Trump, driven by his supporters, it is uncertain how the Democrats will regroup around Bitcoin and cryptocurrencies as an issue.

Biden's decision to veto H.J.Res. 109, a congressional resolution aimed at overturning the Securities and Exchange Commission's (SEC) approach to banks and crypto, has raised questions. 

The resolution targeted the SEC’s Staff Accounting Bulletin 121, which outlines rules for banks handling customers’ Bitcoin and crypto assets, requiring them to treat these assets as liabilities. Banking groups have criticized this approach, arguing it makes handling digital assets prohibitively expensive.

It remains unclear why Biden and his administration chose to tighten Bitcoin and crypto regulations, particularly when Bitcoin's popularity is rising, especially with Trump championing it. 

There are indications that Biden’s team is working towards a more moderate position to align with recent statements from Trump, who has pledged to keep some Democrats in line and outlaw attempts to create a Central Bank Digital Currency.

Recent reports from sources such as Benzinga and The Block have highlighted meetings between Biden’s staff and experts to foster a more positive dialogue with the Bitcoin and cryptocurrency community. 

Biden appears to be acknowledging the need for a more favorable stance as Bitcoin and cryptocurrency gain traction as a significant issue with Trump supporters.

According to The Block, this new outreach "marks a significant shift" from Biden's previous distant approach to the industry. Several sources, speaking anonymously, confirmed this shift.

Following Biden’s veto of the bill outlining SEC measures, declared, “Biden Just Lost The Crypto Vote.” 

In a statement, Biden said, "my administration will not support measures that jeopardize the well-being of consumers and investors. Appropriate guardrails that protect consumers and investors are necessary to harness the potential benefits and opportunities of crypto-asset innovation." 

He also expressed eagerness to work with Congress to ensure a comprehensive and balanced regulatory framework for digital assets, despite both the House and Senate asserting that the vetoed bill provided precisely that. criticized Biden's decision, suggesting it resulted from advice from anti-crypto figures like Elizabeth Warren. 

The outlet speculated that Biden’s administration’s shifting stance on Bitcoin and crypto was influenced by external political factors, such as the ruling in the Trump hush money case, allowing Biden to display his anti-crypto position.

With this veto, Biden has explicitly aligned himself with SEC Chair Gary Gensler and Senator Elizabeth Warren, indicating continued support for the SEC's stringent approach to Bitcoin and cryptocurrency.

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