TechFlow news, Matrixport released a new report stating that the U.S. political sphere is shifting toward supporting cryptocurrencies. It noted that after Donald Trump held an election fundraising event in Florida on May 8, he positioned himself as the future U.S. president who supports cryptocurrencies. On the same day Trump supported a fundraising event for NFT investors, the U.S. House of Representatives passed a resolution opposing the SEC's cryptocurrency accounting policy, which had prevented banks from serving cryptocurrency clients.
A pre-election poll on May 12 showed Trump leading in five out of six swing states. On May 22, the U.S. House approved a comprehensive bill to establish a regulatory framework for digital asset markets. The Financial Innovation and Technology for the 21st Century Act (FIT21) marked the first time a significant cryptocurrency bill passed in one chamber of Congress.
Although Biden had until May 28 to veto Accounting Bulletin No. 121, on May 22 the White House stated that Biden would not veto the House's decision.
