Donald Trump recently convened an event for holders of Trump NFTs, where he voiced his backing for the cryptocurrency market. He criticized the current government's lack of understanding of cryptocurrency operations, suggesting that his support for crypto should garner more votes.

Democrats now have an opportunity to counter these assertions by potentially signing Accounting Bulletin No. 121, which would demonstrate their pro-crypto stance. The decision lies with Joe Biden, who has until May 28, 2024, to either veto the bill or enact it into law.

The resolution has already passed with a 60-38 vote, including support from 48 Republicans, 1 independent, and 11 Democrats. If Biden does veto it, Congress may not have the votes to override his decision.

Previously, Biden indicated he would veto the resolution if it reached his desk, while SEC Chair Gary Gensler has defended it. Critics argue that the proposal aims to hinder crypto holders from accessing banking services, portraying Democrats as anti-crypto.

The proposal suggests that banks should disclose customers' digital tokens on their balance sheets, potentially leading to significant capital requirements. The House of Representatives has opposed this policy with a resolution.

Biden's decision by May 28, 2024, could shape the perception of Democrats regarding cryptocurrency, potentially challenging the narrative Trump presented at the NFT event.

Trump garnered attention by stating he would accept Bitcoin and other cryptocurrencies as campaign contributions.

Meanwhile, the approval of Ether ETF applications is gaining traction, with the SEC likely to greenlight two applicants by the week's end. This could bolster Ether's market appeal, mirroring Bitcoin's trajectory following its ETF approval earlier this year.

ETH's price has risen by 2.02% in the last 24 hours, 27.36% in the last 7 days, and 20.75% in the last 30 days. It is nearing the $4,000 mark, expected to breach it in the coming weeks if ETF applications receive approval. Initial resistance for Ether stands at $3,900.