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Cryptocurrency has Biden presidential win seen as a ‘good thing’

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Nov, 25 2020

Nov, 25 2020

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With Joe Biden poised to get President of the United States in January, Bitcoin enthusiasts are also hoping the new White House will have a friendlier tone toward cryptocurrency than Donald Trump did.


I think we have an opportunity in a Biden administration, said Kristin Smith, enforcement director of the Blockchain Association, a class group corresponding to the cryptocurrency industry.


Smith, who looked like a guest on Fortune’s latest occurrence of Balancing the Ledger, noted that Trump has previously announced that he’s “not a fan of Bitcoin and other cryptocurrencies” and also nominated other crypto skeptics to consider Treasury Secretary Steven Mnuchin.


Biden’s choice of Gensler “is a neat sign,” Smith explained, because he is very familiar with crypto and blockchain and hopefully can put the right team of regulators jointly that will be more consenting to work together to progress policies.


The roadblock cryptocurrency someone and lobbyists have hit to date, she added, is the shortage of knowledge about the technology among leaders. Gensler’s familiarity with digital currency systems and thought such as stable coins sets him apart from the regulators and social unit of Congress she’s worked within the past.

That is likely the most you can ask for- Fitting the idea that we now have someone in there who knows what Ethereum is, is a truly good thing, Smith added.


Still, Bitcoin fans shouldn’t get their promise up that Biden would nominate one of their own to a cabinet perspective, such as former Democratic presidential nominee Andrew Yang, who said during his campaign that if elected, Oh boy are we going to have some fun in the position of the cryptocurrency community.


Subsequently all, the Senate would still have to affirm Yang to the job—something Smith accepts is unlikely, especially as Republicans are still favored to rejoin the Senate when the final races are finally settled.


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