Kraken CEO says Biden Administration is 'softening' toward crypto
Quick Take
- Kraken CEO Dave Ripley commented on the Biden Administration’s stance toward crypto this year.
- Ripley also spoke on the overwhelming passage of FIT21 in the House, stating, “we didn’t expect it to be that successful.”
Kraken CEO Dave Ripley described the Biden Administration as "softening" its stance toward crypto during an interview on CNBC Thursday.
"When we came into this year, the executive branch has been, via the SEC, strongly negative to cryptocurrencies," Ripley said in the interview with CNBC "Squawk Box" host Joe Kernan. "But, there have been many supporters throughout the U.S. government. I visit D.C. periodically and met with many people in Congress, the Senate, and there are a number of supporters there. And I think over the past several, I don't know, maybe two months or so, we've seen kind of strong support — and now bipartisan support as well."
Ripley nodded toward the passage of the Financial Innovation and Technology for the 21st Century Act, or FIT21. The bill aims to regulate the cryptocurrency industry comprehensively, passing 279-136 on May 22.
"We didn't expect it to be that successful," Ripley added regarding the bill's overwhelming passage. "It was really successful. I think it was 71 from the Democrat side as well. So, you know, we've kind have seen a little bit of softening up on the executive branch."
Trump's 'recent' crypto journey
Ripley also noted former United States President Donald Trump's pivot toward crypto, which aligns the new position with a potential educational "journey" taken by the presumptive GOP nominee.
"Everyone goes on a journey with bitcoin and cryptocurrency. I did myself. And you know his comments on bitcoin and cryptocurrency are recent, so I would hope that he's kind of on that learning journey," Ripley said in the interview. "When individuals actually take the time to learn about Bitcoin and cryptocurrency, it's almost always a positive outcome."
Trump, who previously called Bitcoin a "scam," released an NFT collection in April 2023 and even claimed support for crypto in late May of this year, the Block previously reported.
Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.
© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
