The U.S. Presidential election is finally over and newly elected president Joe Biden is set to move his administration into the White House. Cryptocurrency enthusiasts have their fingers crossed as everyone is hoping that the new president will have a more friendly approach towards digital currencies.
Crypto-Friendly former CFTC chief appointed
As one of his first moves, the president has appointed former Commodity Futures Trading Commission (CFTC) and Goldman Sachs executive Gary Gensler, to his transition team. The move is expected to benefit the blockchain and cryptocurrency industry as Gensler has previously argued in favor of cryptocurrencies, stating that this new tech has exposed shortcomings in traditional existing payments systems.
The former CFTC chief will be joining Biden’s transition team as a financial expert and will oversee the transition with the Federal Reserve and several financial and banking regulators. He is joining as a ‘Volunteer’ so his involvement is a bit more personal rather than professional.
Gensler was previously appointed during former president Barack Obama’s to oversee the CFTC, serving from 2009 to 2014. Back then, he has said that cryptocurrencies must be regulated in order for the industry to reach its full potential. He suggested that this would benefit crypto enthusiasts in case of market manipulation and solving problems like the loss of private keys.
In an op-ed for crypto media outlet Coindesk, Gensler wrote:
“The potential this technology to be a catalyst for change is real. I remain intrigued by [bitcoin creator] Satoshi’s innovation’s potential to spur change—either directly or indirectly as a catalyst.”
Several industry experts also believe that Gensler’s appointment is a good thing for the crypto space. Collin Plume, chief executive of Noble Gold Investments, said:
“President-Elect Biden’s presidential transition team should prioritize cryptocurrency as an existential national security objective that may set the U.S. financial system on more precise footing, digital money policy formulation can and will rest on the new U.S. Treasury secretary and fall into the lap of the IRS.”
Meanwhile, Kristin Smith, executive director of the Blockchain Association, noted:
“I think we have opportunity in a Biden administration because [Gensler] is very familiar with crypto and blockchain and hopefully can put the right team of regulators together that will be more willing to work together to advance policies.”
As of now, Joe Biden is yet to highlight issues related to the crypto industry, but some of his supports expect him to advocate for reform on tech policies. The Democratic President is considered “moderate” and “centrist” based on his policies, and it is yet to be seen how this new administration would approach crypto regulations.
The Bitcoin Senator
Meanwhile, senator-elect Cynthia Lummis, the soon-to-be-senator representing Wyoming, and likely the highest-ranking US official to speak in support for the popularization of Bitcoin, has yet again voiced in favor of cryptocurrencies, this time stating she does “hope to bring Bitcoin into the national conversation.”
In a viral video circulating on Twitter, Lummis noted:
“I’m a former state treasurer and I invested our state’s permanent funds, so I was always looking for a good store of value, and Bitcoin fits that bill. Our own currency inflates; Bitcoin does not. It’s 21 million Bitcoin will be mined, and that’s it, it is a finite supply. So I have confidence that this will be an important player in store of value for a long time to come.”