You're reading the room correctly. Folks who think the Biden/Harris administration is unfriendly to crypto are frankly incorrect. They've signaled nothing but acceptance - so long as crypto lives in an institutional landscape with high barriers to entry.

There are pros and cons to that, but the signals they've put out are "we welcome the old players to the crypto game."

However, it's pretty clear these regulatory tools are being utilized as favors. BNY Melon being granted an explicit approval by Biden is interesting in context when you realize the same admin recently veto'd a resolution to overturn SAB-121.

Basically, the White House quite literally said keep the moat but let this guy through.