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- Joe Biden is helping the cryptocurrency industry by bringing mainstream adoption
- Biden administration is introducing world-changing regulations regarding cryptocurrency
- The recent US president is mainly tapping pro-crypto profiles in its administration
- The injection of fiscal stimulus packages by Biden can bring more crypto adoption
Joe Biden, after taking the United States president’s office, is found embracing the cryptocurrency industry. Before Biden’s administration, the entire cryptosphere was concerned regarding this administration for the industry. Previously, Donald Trump was not an advocate of cryptocurrency and Bitcoin. However, since Biden took the president’s office, following his moves, it seems like the new president is embracing cryptocurrencies.
World-changing crypto regulation being introduced
Creating regulations to regulate cryptocurrency shouldn’t be a guessing game. After the US SEC’s previous chairperson claimed that Bitcoin and Ethereum are not securities, the industry and blockchain innovation went limited to only two tokens. A lack of regulation stifles the immense potential provided by blockchain technology and cryptocurrency.
However, the new Joe Biden administration presents a new opportunity for elected officials across the potential spectrum. The spectrum will help clear policies and regulations, enabling banks and fintech firms to custody and use digital currencies to improve efficiencies and to offer a better banking experience.
Joe Biden tapping pro-crypto and pro-regulation profiles
Biden had already appointed Gary Gensler, former chairman of the CFTC, to lead the Securities and Exchange Commission. According to Kristin Smith, executive director of Blockchain Association, the appointment of such a pro-Bitcoiner is a good sign, as Gensler is familiar with cryptocurrency and the technology behind it.
Michael Barr, the former advisory board member of Ripple Labs, is another familiar crypto profile appointed by Joe Biden. Barr is currently serving as the Comptroller of Currency. The previous Comptroller of Currency was quite unpopular due to his reforms of granting banks access to using blockchain for transactions. However, the Office of the Comptroller of the Currency (OCC) needed such profiles as Barr. Indeed, Barr is also having a broader experience in regulations and policy makings.
The administration injecting fiscal stimulus packages
According to Friday’s report by TheWallStreet, the US congressmen have approved a $1.9 trillion COVID-19 relief package of Joe Biden. It is found that the relief plan calls for gradually raising the minimum wage to $15 per hour. However, the Senate could be prevented from raising the minimum wage to such an amount, as of a Republican Amendment. The president’s proposal has the motive to increase federal unemployment assistance, provide funds for vaccine distribution, and offer aid to schools.
On the other hand, it is also expected that the stimulus package might be bringing crypto adoption. According to several experts in the cryptosphere, the second stimulus could possibly have an incredibly positive impact on the prices in the crypto market. This came as any additional US fiscal stimulus along with the Fed’s bond purchases could spark dollar sell-off. Hence, the aforementioned fact would bring some more investors to diversify and put some money into crypto tokens like Bitcoin.
