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 in the crypto industry over the next six to 18 months. With the U.S. election scheduled for November 5, cryptocurrencies have emerged as a more prominent issue among voters compared to previous elections.

A recent online poll conducted in April with 1,201 registered voters found that over two-thirds of respondents agreed that crypto is more equitable than the traditional financial system. This sentiment underscores the growing interest and support for cryptocurrencies among the general population. However, the Biden administration has faced criticism from the crypto community in recent months.

Cardano founder Charles Hoskinson accused the Biden administration of attempting to undermine the American cryptocurrency industry. This criticism intensified after Biden indicated plans to veto a joint resolution aimed at overturning SEC guidelines discouraging banks from holding crypto assets in custody. These developments reflect the increasing tension between the crypto industry and the current administration, shaping the discourse around crypto regulation and enforcement in the lead-up to the U.S. election.