Litigation consulting firm Cornerstone Research data reveals a surge in enforcement actions taken against crypto firms. CFTC Chair Rostin Behnam anticipates another wave of enforcement actions within the crypto industry in the next six to 18 months. As the U.S. election approaches on Nov. 5, crypto issues have gained prominence among voters compared to previous elections, reflecting growing public interest in the sector.

An online poll conducted in April with 1,201 registered voters indicated significant support for crypto, with over two-thirds of respondents expressing agreement that crypto is more equitable than the traditional financial system. Against this backdrop, the Biden administration has faced criticism from the crypto community, particularly regarding its handling of regulatory matters. Most recently, Cardano founder Charles Hoskinson accused the administration of attempting to undermine the American cryptocurrency industry.

One contentious issue involves the Biden administration's stance on SEC guidelines discouraging banks from holding crypto assets in custody. Despite claims of prioritizing crypto innovation, Biden signaled his intent to veto a joint resolution aimed at overturning these guidelines. These developments underscore the evolving relationship between the crypto industry and U.S. policymakers, with enforcement actions and regulatory decisions shaping the narrative amidst broader political dynamics.