Fred Thiel, the CEO of Marathon Digital Holdings, recently discussed the future of the crypto industry and the potential impact of the upcoming presidential election. In an interview with Yahoo Finance, Thiel highlighted the historical hostility of the Biden administration towards bitcoin and crypto, which was evident through its various agencies. However, he also noted a recent shift in their stance, which could be attributed to the recognition of the significant number of voters in the country who are interested in cryptocurrency.
Thiel began by acknowledging that former President Trump has positioned himself as a pro-bitcoin candidate. Trump has expressed his belief that all bitcoin should be mined in the United States and has maintained a welcoming relationship with bitcoin miners and individuals in the industry. On the other hand, Thiel pointed out that the Biden administration has shown hostility towards bitcoin through agencies such as the U.S. Securities and Exchange Commission (SEC) and banking regulators. He specifically mentioned Operation Chokepoint 2.0, which refers to a campaign by federal regulators in 2013 to exclude high-risk businesses from the banking system.
Despite this hostility, Thiel mentioned that he senses a change in the Biden administration's attitude towards crypto. He believes this change is driven by the realization that there are 55 million voters in the country who care about cryptocurrency, making them a significant voting bloc. Thiel emphasized that the crypto industry should not be partisan and that bitcoin serves the needs of everyone, regardless of their political affiliation. He mentioned that both Democrats and Republicans in Congress have already shown support for bitcoin and crypto legislation.
Thiel highlighted the bipartisan efforts in Congress to repeal the SEC's Staff Accounting Bulletin No. 121 (SAB 121), which faced opposition from Biden. The crypto industry has raised concerns about SAB 121, citing increased operational complexity and compliance costs. Thiel suggested that more bipartisan work is needed to pass legislation that benefits the crypto industry. He concluded by stating that the crypto industry should not be a matter of one party versus another but should be embraced by both parties.
In conclusion, Thiel's insights shed light on the political landscape surrounding bitcoin and the potential impact of the upcoming presidential election on the crypto industry. He highlighted the contrasting positions of Trump and Biden on crypto and emphasized the need for bipartisan support to advance the industry.