Marathon Digital’s CEO has shared his insights on the future of the crypto industry and the potential impact of the upcoming presidential election. The executive observed that the Biden administration has historically been hostile to bitcoin and crypto through its various agencies. However, he noted a recent shift in its stance, likely due to the recognition that there are 55 million voters in the country who are interested in cryptocurrency.

Fred Thiel Highlights Bitcoin’s Political Landscape Ahead of Election

The CEO of Marathon Digital Holdings (Nasdaq: MARA), Fred Thiel, shared his insights on bitcoin and the potential impact of the upcoming presidential election on the crypto industry in an interview with Yahoo Finance on Monday. Thiel also discussed which candidate, Donald Trump or Joe Biden, might be more favorable for the crypto industry’s future.

“Former president Trump has obviously positioned himself as the candidate that is pro bitcoin. He believes that all bitcoin should be mined in the U.S. and has been very open to his relationship with bitcoin miners and people in the space,” Thiel began, adding:

The Biden administration has been very hostile to bitcoin through its various agencies.

Thiel pointed to the U.S. Securities and Exchange Commission (SEC) and banking regulators, specifically mentioning Operation Chokepoint 2.0, named after a 2013 campaign by federal regulators to lock out high-risk businesses from the banking system.

However, he noted: “I’m sensing a thawing of the cold, if you would, from the Biden administration, as they realize there are 55 million voters in this country who care about crypto … That’s a pretty large voting bloc.”

The Marathon executive stressed that “nobody in this industry wants it to be partisan,” emphasizing:

We believe that bitcoin serves the needs of everybody. It doesn’t have any political color to it.

“We think both parties should embrace it, and in Congress, we’ve already seen the Democrats in both the Senate and House of Representatives embracing bitcoin and crypto legislation,” he continued. Both the Senate and the House passed a resolution to repeal the SEC’s Staff Accounting Bulletin No. 121 (SAB 121), however, it was later vetoed by Biden. The crypto industry has voiced several complaints about SEC’s Staff Accounting Bulletin No. 121 (SAB 121), citing increased operational complexity and compliance costs as primary concerns. “I think … what we’re going to have to see is more bipartisan work on this to get it work passed. But it really is a bipartisan thing. It’s not one party versus the other on this,” the Marathon CEO concluded.