The Biden administration's mixed messages about cryptocurrencies have stirred confusion, dismay, and frustration among American crypto users. Many views depend on what people think about regulation in general, but some are worried about the inconsistency and potential negative impact the Biden administration’s uncertainty may have on the cryptocurrency market.

Earlier in May, a joint resolution to overturn SAB 121 gained enthusiastic bipartisan support in Congress, including from Democrats like Chuck Schumer and Cory Booker. This sea change among Democrats in Congress sparked speculations about a pivot on crypto from the Biden Administration. However, Biden followed through in his promise to veto the resolution to repeal SAB 121.

Crypto Voters Are Angry

Crypto-influenced voters are now annoyed by POTUS's reconfirmed hostility and waffling on crypto. Many assert that vetoing the resolution is a nonsensical move, as SAB 121 is neither approved nor GAAP (Generally Accepted Accounting Principles). They see it as an unnecessary kick at the "cyber hornet's nest."

Voters demand action instead of mere posturing. And many who were skeptical of a true Biden pivot are now doubling down on their disapproval. Even Democratic voters who support the rest of Joe Biden’s platform are critical of his cryptocurrency policy. They say his lack of clarity is a hindrance to the development and adoption of crypto technologies.

People are also frustrated with the unclear messaging, saying that if Biden was hoping to court crypto voters, he’s doing an exceptionally poor job. Many in the crypto community are also discussing whether crypto voters as a demographic are a much larger group than the Biden White House anticipates. They say he could be severely hurting his already struggling presidential campaign by upsetting crypto holders.

The bipartisan engagement among members of the House and Senate creates a sharp contrast with Joe Biden’s anti-crypto stance. Figures like Democratic Rep. Mike Flood and Republican Senator Ted Cruz taking joining on pro-crypto issues gains them approval. Cruz's initiative for operating Bitcoin miners in Texas has gained him popularity in the crypto community.

• Biden’s approval on crypto is consistently lower than sentiment toward pro-crypto politicians – especially Donald Trump.
• While there is some fluctuation, Trump’s crypto approval trends similarly with overall crypto approval while Biden dipped from 52% to 45% the day before his veto.

Donald Trump is Successfully Courting the Crypto Crowd

While criticism continues toward Biden, another trending topic among American crypto voters

is a rumored discussion on crypto policy between Elon Musk and Donald Trump. The news sparked controversy as some who dislike both men ridicule them, while others are hopeful a collaboration may lead to more pro-crypto policies.

Musk denied the rumors, saying he didn't discuss crypto policy with Trump. However, he expressed support for any initiative that moves power from government to the people, which he says includes crypto.

Regardless of whether the rumors are true, many are positive about Trump’s recent crypto support, hoping more discussions lead to more crypto-friendly. They’re especially hopeful if Trump returns to the White House.

Rumors about Trump’s potential crypto policies in general have sparked a flurry of conversations leading to speculation about the role crypto will play in Trump's election campaign. Those who are highly motivated by crypto say it is part of their livelihood and important enough to vote on in the presidential election.