Hey Tally-ho, welcome to the world of Crypto.
In general, crypto is a global and decentralized currency. For more than 10 years, governments around the world have been struggling on what to do about crypto currencies.
Obviously, the bigger countries can put pressure on these assets by their financial and regulatory policies. In general, Trump's Mnuchin was not a fan of crypto currencies and this administration tried to keep a damper on it. However, over the past 5 years or so, more governments around the world have been embracing the technologies and in the past year, Wall Street has dipped a big toe in (literally, most of the big firms are now trying to provide vehicles for investment clients to have exposure to crypto currencies).
In my opinion, the cat is too far out of the bag to have any major government try and squash it. The good news is that any government can try to put some regulations around it to get what they ultimately want.... Taxation (and to a lesser extent, control or visability).
A few years back, Coinbase (the largest US exchange) lost a big court case with the US government which has set the precedent for any transactions or cumulative annual transactions over $20,000 must be reported to the IRS. Although this upset a few people in the crypto world, it was great news long term as it gives the US government the ability to tax gains and gives similar money laundering controls to them as they have with FIAT currencies.
Bottom line is crypto is now to embedded in the big money doners for both parties. Trump or Biden administrations are beholden to big money.
Good luck.
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