A change in the administration of the world’s most dominant economy potentially spells a new era for nascent technologies like blockchain and cryptocurrency.
Incoming regulations and policies can either accelerate growth or impede progress. Fully aware of this, America’s leading blockchain group is taking the bull by the horn. It is taking the plunge to make the Biden administration understand the value of cryptocurrencies.
Worried by looming regulations, Blockchain Association is trying to influence key members of the Biden administration to adopt a positive stance on digital assets. The body told Fox News that it had already met staffers in the Treasury Department but was attempting to meet more prominent members of the new cabinet.
As digital currencies continue to gain mainstream attention and adoption, governments and central banks worldwide have amplified calls for regulation. The primary reason being bitcoin’s role in facilitating crime. Blockchain Association is encouraging the Biden administration to adopt an open-minded approach towards the topic. The group is now looking to infiltrate the inner chambers of the United States Treasury Department. It says it is working towards scheduling meetings with the US Secretary of the treasury, Janet Yellen, and nominated Deputy Secretary Wally Adeyemo.
Blockchain Association’s Executive Director, Kristin Smith, said:
“Our number one priority is helping Yellen understand crypto goes beyond the financing of criminal enterprises. We want her to understand the value of crypto networks.”
Frayed nerves of cryptocurrency enthusiasts were calmed when news emanated that Gary Gensler might succeed Clayton as the chairman of the US Securities and Exchange Commission (SEC). The body has recently clamped down on cryptocurrency heavyweights, most notably its high-profile lawsuit against Ripple.
Gensler is said to have made remarks in the past that suggest a softer stance towards bitcoin regulations. In a 2018 congressional testimony, Gensler said :
“Blockchain technology has real potential to transform the world of finance. Though there are many technical and commercial challenges yet to overcome, I’m an optimist and want to see this new technology succeed. It could lower costs, risks and economic rents in the financial system.”
In Tuesday’s hearing before the Senate Banking Committee, Gensler said that “Bitcoin and other cryptocurrencies have brought new thinking to financial planning and investor inclusion.”
The United States Treasury Department seems to be more heavy-handed towards cryptocurrency. Janet Yallen once said that bitcoin is an “extremely inefficient way of conducting transactions.” She further expressed concerns that the foremost digital currency is mostly used for “illicit finance.”
The stance and decisions of these cabinet members will undoubtedly play a role in the future of cryptocurrencies. A lot will unfold in the coming months, and industry stakeholders cannot but hope for a favorable outcome.
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