Former FTX founder SBF has criticized the Biden administration's regulatory approach towards cryptocurrencies, claiming it forced many companies overseas. In a post on his X account, SBF argued that the Democratic administration's policy of requiring licenses but refusing to issue them hindered industries like cryptocurrency and prediction markets from operating normally in the U.S. SBF noted a shift with the Trump administration, stating that the U.S. Department of Justice has ceased prosecuting the entire industry. This change has reportedly allowed liquidity prediction markets and crypto businesses, previously forced abroad, to reopen to American users.