Tesla's shocking 1.5 billion this week broke Bitcoin's trend of trading in the past month and made Bitcoin leap to the next milestone of 50,000 US dollars in one fell swoop. Some U.S. state governments, self-governing bodies and their government employees that have long been friendly to cryptocurrencies immediately responded and expressed their support for this initiative.
Crypto-friendly Senator Cynthia Lummis tweeted yesterday inviting Musk and Tesla to relocate to Wyoming. Prior to this, Wyoming approved the crypto exchange Kraken to become a crypto bank and moved last week to allow decentralized DAOs in the state. State legal.
The mayor of Miami, Francis Suarez, who has been determined to make Miami the most crypto-friendly city in the United States, also tweeted on Monday that he is working on a resolution to include Bitcoin on Miami’s balance sheet. He also called for Amazon accepted Bitcoin and then made Bitcoin take off again. Previously, Suarez had stated that it would expand the penetration rate of Bitcoin throughout the city, including using Bitcoin to pay citizens' salaries. The City of Miami is also the first municipal government to host the "Bitcoin White Paper" on a government website.
And as the U.S. Senate begins to formally appoint leaders from the Treasury Department to various financial regulatory agencies, it is not difficult to get a glimpse of the basic attitude framework of the Biden administration towards cryptocurrency in the next four years. Based on the personal resumes of the new appointees or nominees reported by the major media and the economic measures currently expected to be taken, it can be basically judged that the Biden administration has a more friendly and effective regulatory attitude towards cryptocurrencies in general.
Yellen
Janet Yellen (Janet Yellen) was formally appointed by 84 votes to serve as Minister of Finance. At the appointment hearing, Yellen outlined her support for Biden's agenda, including the possibility of increasing taxes for the rich. Regarding cryptocurrency, Yellen did not directly mention her method of supervision in this regard in the confirmation hearing. However, she did mention that the legal use of cryptocurrencies should be encouraged, such as using decentralized finance to "improve the efficiency of the financial system."
Securities and Exchange Commission SEC
Gary Gensler, the new chairman who is about to be appointed to the SEC, served as chairman of the Commodity Futures Trading Commission CFTC during Obama's tenure and served as Secretary of the Treasury in the Clinton administration. Previously, Gensler had referred to blockchain technology as a "catalyst of change" and bluntly pointed out the importance of cryptocurrency. Gensler said in an interview with Bloomberg in 2018: “If cryptocurrency becomes part of the future, it must be included in public policy to prevent illegal activities. We need to protect investors. Large exchanges like Coinbase, cryptocurrency The exchange needs to enter the SEC or CFTC."
The crypto community generally believes that Gensler will provide strong support for the U.S. Central Bank to support digital currencies, and will also play an important role in the government's initiatives on cryptocurrencies and blockchains, such as approving Bitcoin (BTC) exchange transactions Fund (ETF). Jake Chervinsky, the lawyer and general counsel of the decentralized financial startup Compound, said in a tweet on January 12 that "Gary Gensler has a deep understanding of cryptocurrency technology and has been a strong supporter of Bitcoin for many years. He was selected as a U.S. securities. Chairman of the Exchange Commission (SEC), this signifies that policy will shift to Bitcoin ETFs."
At present, Gensler is a professor of global economics and management practice at MIT Sloan School of Management, co-director of MIT, and senior consultant of MIT's digital currency program, researching artificial intelligence, blockchain technology and new financial technology.
In addition, the departure of former SEC chairman Jay Clayton itself is good news for the crypto community. He has long been skeptical of the digital financial industry. During Clayton's tenure, no Bitcoin ETF was approved.
At present, many investment companies and financial institutions led by Fidelity have applied to the U.S. Securities and Exchange Commission (SEC) for a new bitcoin trust fund or bitcoin ETF. We can expect that cryptocurrencies will be in Gensler Under the influence ushered in better supervision.
U.S. Office of the Comptroller of the Currency OCC
Another focus of the Biden administration is the OCC, the U.S. Office of the Comptroller of the Currency. Brian Brooks, the former OCC head of the Trump administration, has left his post. Before leaving office, he announced that banks can use stablecoins and blockchains to process payments. In response, OCC issued an "explanation letter" on January 6 to explain this policy in detail. The letter stated that the Federal Chartered Bank is allowed to use price-stable cryptocurrencies for standard transactions. This is a milestone step in the process of stable currency regulation and creates more potential for cryptocurrencies.
Before leaving office, Brooks explained the importance of decentralized finance: "This is decentralization. In the crypto world, there is no CEO. Encryption is about freedom." Brooks was the legal head of Coinbase.
The Wall Street Journal expects that the Biden administration will nominate Michael Barr as the head of OCC. Barr was appointed to the Ripple Labs Advisory Board in 2015. At the time, he was keen to promote innovation in the payment field, "Our global payment system is outdated. I think innovation in payment can help make the financial system safer, reduce costs, and improve access and efficiency for consumers and businesses."
If Michael Barr is formally nominated and appointed, it can be expected that blockchain technology and cryptocurrency will be further applied and regulated in the US financial industry.
Commodity Futures Trading Commission CFTC
Previously, Reuters reported that Chris Brummer is expected to become the next chairman of the CFTC. Brummer is currently a professor and dean of the Institute of International Economic Law at Georgetown University. He studies digital technology, including cryptocurrency and international finance. A person familiar with the matter said that in addition to CFTC chairman, Bloomer is also being considered for other financial positions in the Biden administration.
It can be expected that if Brummer is formally nominated and elected, he will advise Yellen on cryptocurrency-related regulatory affairs and will also provide assistance to the derivatives market of digital assets.
I see a blooming cryptocurrency world for U.S with these great personnel elected..
