Kraken CEO: Biden administration is ‘softening’ its stance on cryptocurrencies

According to The Block report, in an interview with CNBC on Thursday, Kraken CEO Dave Ripley said that the Biden administration is "softening" its attitude towards cryptocurrency. Ripley said that although the executive branch strongly opposed cryptocurrency through the US Securities and Exchange Commission (SEC) earlier this year, there are many supporters within the US government. He believes that the attitude of the executive branch has changed in the past few months and now has the support of both parties.In the interview, Ripley mentioned the passage of the "21st Century Financial Innovation and Technology Act" (FIT21), which aims to comprehensively regulate the cryptocurrency industry and was passed with a high vote on May 22nd. He believes that this is a clear sign of the executive branch's softened attitude.In addition, Ripley also talked about former US President Trump's shift in stance towards cryptocurrency. He said that Trump's "recent" cryptocurrency journey coincides with the educational "journey" of potential Republican candidates and hopes that this will have a positive impact on Bitcoin and cryptocurrency.