As the most awaited result was announced by the US authorities, the expansion of his cabinet would be very crucial for the crypto space. Key positions within his administration are required to be held by pro-crypto and pro-blockchain people to set up a good regulatory environment for cryptos.
Here is why the Joe Biden administration can have a better approach towards cryptocurrencies and blockchain.
Unlike, Mr Donald Trump, who openly criticised cryptocurrencies especially Bitcoin, Joe Biden, however, has not mentioned anything on cryptos in any of his speeches but is a supporter of the latest technologies. He is also known to be more progressive towards technology-related policies.
Many of his followers also believe Biden’s policies would be beneficial for the tech industry. In fact, Biden had proposed some bills that proposed to outlaw encryption, thereby promoting the development of PGP keys before 3 decades.
As mentioned, Joe Biden has never spoken on cryptos, but some of the members in his team have close connections with the blockchain and crypto space.
His picks for the key administrative posts are not known yet but as per some rumours, Federal Reserve Governor Lael Brainard is his first choice for the US Treasury Department. More interestingly, Brainard is associated with the ‘Digital Dollar’ project.
Moreover, according to some reports, the Vice-President-elect, Kamala Harris has a team of advisors who include people with a positive vision on blockchain and cryptos.
One of the well-known crypto companies Ripple which faced serious issues with the regulations in the US is now expecting a better environment. The company also had planned to shift their office away from the US but now with the new incoming President, things are expected to change.
The CEO of Ripple Brad Gardinghouse with a tweet said that democracy has been uplifted with huge voting turn-outs irrespective of who wins.
Finally, the crypto space and Biden’s followers both expect good implications for the cryptos and blockchain in the country. However, any of Biden’s move has till now not manifest any negative crypto signals, but establishing a positive approach would be rather too early as of now.
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