In a surprising turn of events, a report says that U.S. President Joe Biden's administration officials are set to attend a Bitcoin roundtable in Washington, D.C., in early July.

The Roundtable

According to documents shared with Bitcoin Magazine, Rep. Ro Khanna (D-CA) is spearheading the roundtable, which will be attended by Biden administration officials, lawmakers from both the House and the Senate, and billionaire Mark Cuban. Rep. Khanna and Cuban were the only individuals whose identities were confirmed by the report.

The roundtable's objective is to support innovations in Bitcoin and the broader cryptocurrency ecosystem within the country. **This development comes as a positive surprise to market participants, as the current Biden administration has become infamous for its anti-crypto stance.

Political Context

Last week, Cuban addressed attendees of Coinbase's State of Crypto, where he said that current Securities and Exchange Commission (SEC) head Gary Gensler could cost the incumbent President his office due to Gensler's anti-crypto stance. Decrypt reached out to Rep. Khanna's office but has not received a response.

This development comes as a positive surprise to market participants, as the current Biden administration has become infamous for its anti-crypto stance.

Legislative Background

On June 1, President Biden vetoed the Staff Accounting Bulletin (SAB) 121 bill, which received bipartisan support from the House. The incumbent President noted that the legislation undermines the SEC's authority and would cause harm to investors and consumers.

The bill would have allowed financial institutions to custody Bitcoin and other cryptocurrencies.

Interestingly, this apparent change of heart from the current Biden administration comes months ahead of the upcoming U.S. presidential elections, and days after former U.S. president and presumptive Republican nominee Donald Trump announced his unwavering support for Bitcoin and Bitcoin mining.

Election Implications

According to the polls, crypto could play a massive role in the upcoming U.S. presidential elections, as both candidates are neck and neck. Thus, a pro-crypto candidate could have an edge over an anti-crypto candidate.

In building support among the crypto crowd, Trump vowed that if re-elected, he would never allow the creation of a Central Bank Digital Currency (CBDC). Earlier this month, the presumptive Republican nominee dubbed himself the "crypto president" during a fundraiser.