The approach to cryptocurrency regulation is undergoing a significant transformation, according to Dave Ripley, CEO of Kraken. In a recent interview with CNBC, Ripley observed a "softening" stance from the Biden administration, marking a shift from the initial negative stance at the start of the year. Despite this, Ripley acknowledged the presence of many supporters across the government, including in Congress and the Senate, where he has engaged with numerous individuals sharing this supportive view.

Over the past few months, Ripley has witnessed growing bipartisan support for cryptocurrency regulation, a development that bodes well for the industry's future. The successful passage of the Financial Innovation and Technology for the 21st Century Act (FIT21) on May 22, with a significant majority of 279-136, highlights the growing recognition of cryptocurrency's significance and a willingness to work with the industry to establish clear regulations.

The Biden administration's executive order on cryptocurrency regulation, combined with the passage of FIT21, suggests a growing openness to cryptocurrency and a desire to establish a clear and supportive regulatory framework. This shift in stance may have contributed to the successful passage of FIT21 and indicates a promising future for cryptocurrency in the United States.

Ripley's comments and recent developments in cryptocurrency regulation suggest the industry is gaining traction and recognition in Washington. As bipartisan support continues to grow, further efforts to establish a clear and supportive regulatory framework for cryptocurrency in the United States are likely.

In conclusion, the shift in approach to cryptocurrency regulation is a positive development for the industry, with growing support from both sides of the political aisle. As the regulatory landscape continues to evolve, it is clear that cryptocurrency is gaining recognition and acceptance in Washington, paving the way for a promising future.