It is not Biden who will set back the crypto market.
In general government agencies which deal with regulation have nothing else to do but add rules and constrains to the crypto market - resulting in setbacks for innovation.
But the bigger issue with the crypto market is that there is a mixture of good assets (NFT, security tokens), and toxic assets (bitcoin,meme coins, DeFi). My criteria for a good assets is that it represents something tangible.
When or if the toxic assets implode, they will bring down the whole crypto market.