President Joe Biden and cryptomonneries: what you need to know
- Joseph Biden became president on Wednesday 20 January.
- It is believed that his administration will be more pro-crypto than the previous one.
- The top financial officers in his cabinet and congress have real blockbuster experience.
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President Biden took office on Wednesday 20 January. What does his inauguration mean for the cryptomoney industry? Will his administration be in favour of the blockade?
Stress and relief
Joe Biden’s inauguration today was greeted with fanfare and nervousness. After the invasion of the Capitol in Washington on January 6, there was some tension in the air. Eugene Goodman, a Capitol Police officer who single-handedly calmly kept an angry band at bay, was present.
At the same time, some of the participants in the inauguration expressed their relief when Joe Biden was sworn in (e.g. singing, in the case of Lady Gaga and Jennifer Lopez).
In what way will the Biden Administration be different?
– Erik Voorhees (@ErikVoorhees) January 20, 2021
US Vice President Mike Pence was also present at the inauguration, but former President Donald Trump was notably absent. The outgoing president was also widely regarded as anti-cryptomonic. That said, the Biden administration could be warmer towards cryptomoney.
President Biden’s speech was addressed to a divided country. Among other things, he called on Americans to unite as a nation to end terrorism, racism and the demonization of American ideas.
He also asked them to put politics aside and support each other. The facts, he said, should inform legislators first and foremost. Last but not least, he asked Americans to be open to new ideas and to listen to each other.
The President did not make specific comments on economic policy, but his term of office could also be open to new ideas such as crypto. Some key members of his new administration were in favour of a blockbuster future.
A crypto cabinet
The new SEC Chairman, Gary Gensler, knows more than a little about blockchain technology. In particular, he has taught blockchain at MIT. Gensler has said several positive things about crypto, including calling Bitcoin a „modern version of gold.“
Despite some reservations, Janet Yellen, the new US Treasury Secretary, has shown interest in crypto, according to Forbes. During her confirmation hearing on 19 January 2021, Yellen was questioned about cryptomoney.
Although she did not make any specific promises, there have been several recent developments in the fight against crypto-crime. Stopping the use of cryptomoney for criminal activities seems to be a major concern for her, not the rise of digital currencies themselves.
Although he is unlikely to hold this position for very long, Currency Controller Brian P. Brook is very enthusiastic about crypto. He even imagines a future in which DeFi is a major player. His firm has also officially stated that the stablecoins can be used to settle account balances in federal banks.