{"id":172863,"date":"2021-02-07T18:37:00","date_gmt":"2021-02-07T15:37:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/crypto-friendly-faces-poised-for-positions-in-biden-administration\/"},"modified":"2021-02-07T18:37:00","modified_gmt":"2021-02-07T15:37:00","slug":"crypto-friendly-faces-poised-for-positions-in-biden-administration","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/crypto-friendly-faces-poised-for-positions-in-biden-administration\/","title":{"rendered":"# Crypto-friendly faces poised for positions in Biden administration"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a2d1b5563031\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a2d1b5563031\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/crypto-friendly-faces-poised-for-positions-in-biden-administration\/#The_Treasury\" >The Treasury<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/crypto-friendly-faces-poised-for-positions-in-biden-administration\/#Securities_and_Exchange_Commission\" >Securities and Exchange Commission<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/crypto-friendly-faces-poised-for-positions-in-biden-administration\/#Office_of_the_Comptroller_of_the_Currency\" >Office of the Comptroller of the Currency<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/buradabiliyorum.com\/en\/crypto-friendly-faces-poised-for-positions-in-biden-administration\/#Commodity_Futures_Trading_Commission\" >Commodity Futures Trading Commission<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong># Crypto-friendly faces poised for positions in Biden administration <\/strong>&#8221;<br \/>\n<img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMDIvZDlhNTNkNmYtYWFlYi00MzI5LWJlZTAtNDVmNTM5NTM3NzM1LmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-5a136f3a>As the United States Senate begins confirming leadership posts across commerce and the treasury, there has been meaningful momentum in the crypto community as a response. This is due to the profiles of various individuals who have been reportedly nominated, as well as the anticipated economic measures by the coming administration \u2014 both of which are expected to nurture positive momentum for crypto growth.<\/p>\n<p>While a few official <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ointments have been made with numerous confirmations pending, others are still at the nomination stage. Let\u2019s take a quick loop around the swamp.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"The_Treasury\"><\/span>The Treasury<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Confirmed with 84 votes, Janet Yellen will be at the helm of the treasury. During her confirmation hearing, Yellen outlined her support for Biden\u2019s agenda, which includes a likely increase on taxes for the wealthy, \u201cbacking the buck\u201d to stabilize the dollar amid attempts to <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.cnbc.com\/2021\/01\/19\/five-key-takeaways-from-janet-yellens-treasury-confirmation-hearing.html\">undermine<\/a> current value through market manipulation abroad, and ensuring the stabilization of the U.S. economy amid the current global COVID-19 pandemic. On crypto, Yellen did not directly address her approach to regulation in the space during her confirmation hearings; however, she did mention that legitimate uses for cryptocurrency should be encouraged, such as means using these types of decentralized finance to \u201cimprove efficiency of the financial system.\u201d<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Securities_and_Exchange_Commission\"><\/span>Securities and Exchange Commission<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>One appointment the crypto community is particularly excited about is Gary Gensler, who previously served as Commodity Futures Trading Commission chairman under President Barack Obama and as a Treasury official under President Bill Clinton. Having previously <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/docs.house.gov\/meetings\/AG\/AG00\/20180718\/108562\/HHRG-115-AG00-Wstate-GenslerG-20180718.pdf\">called<\/a> blockchain <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/technology\/\" data-internallinksmanager029f6b8e52c=\"4\" title=\"Technology\" target=\"_blank\" rel=\"noopener\">technology<\/a> \u201ca catalyst for change,\u201d Gensler has been outspoken about the importance of cryptocurrencies and has gone on record to <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2018-04-23\/ether-ripple-may-be-securities-former-cftc-head-gensler-says\">say<\/a> there is a \u201cstrong case\u201d for XRP being classified as a security. He has also been very vocal about how blockchain technology could solve payment problems in the United States.<\/p>\n<p>As the expected chairman of the Securities and Exchange Commission, Gensler will be in a prime position to rally support behind a U.S. central bank digital currency, particularly amid institutional interest for this product. Gensler would also play a significant role in broad governmental action on crypto and blockchain, such as the consideration of a Bitcoin (BTC) exchange-traded fund, and he is expected to shift sentiments in its favor. Currently a professor of practice at the Massachusetts Institute of Technology Sloan School of Management, Gensler conducts research and teaches blockchain technology, digital currencies, financial technology and public policy.<\/p>\n<p>Moreover, the departure of SEC Chairman Jay Clayton is also welcomed by crypto enthusiasts, as he was notorious for his <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.cnbc.com\/2019\/09\/19\/jay-clayton-delivering-alpha.html\">skepticism<\/a> toward the digital finance industry. With Clayton stepping aside, coupled with his anti-crypto biases, the path is open for Bitcoin ETFs to become a reality. <\/p>\n<p>There\u2019s already a line of financial institutions led by Fidelity and investment firms that have applications for Bitcoin funds in process with the SEC and will be applying pressure on Gensler when he takes office.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Office_of_the_Comptroller_of_the_Currency\"><\/span>Office of the Comptroller of the Currency<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Another office coming into focus during Biden\u2019s transition is the Office of the Comptroller of the Currency. Out is Brian Brooks, former head of OCC during the Trump administration, who, prior to stepping down, announced that banks can utilize stablecoins and blockchain to process payment. In what is being considered an \u201c<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.occ.gov\/news-issuances\/news-releases\/2021\/nr-occ-2021-2a.pdf\">interpretive letter<\/a>,\u201d the OCC is allowing federally chartered banks to use cryptocurrencies with fairly stable prices for standard transactions. The letter also stipulates that banks can participate in validating transactions on a blockchain, setting an impressive regulatory step forward for stablecoins and creating more potential for cryptocurrencies. <\/p>\n<p>Prior to stepping down from office, Brooks went on record about the importance of decentralized finance where he <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.nasdaq.com\/articles\/financial-censorship-after-capitol-riot-truly-chilling-says-occ-chief-brian-brooks-2021-01\">explained<\/a>:<\/p>\n<blockquote><p>\u201cThis is what decentralization is about. In the world of crypto, there is no CEO. Crypto is about freedom and if you didn\u2019t believe that freedom mattered last week, you should think about it again.\u201d<\/p><\/blockquote>\n<p>As of early February, Biden\u2019s transition team is expected to nominate Michael Barr as Brooks\u2019 successor in the OCC. Prior to his tenure as an advisor at Ripple and board member at LendingClub, Barr helped construct the Dodd-Frank Act, where strict regulations were introduced to lenders and creditors to protect consumers in the wake of the housing collapse. This unique blend of experience and credibility could be what\u2019s needed to help push forward favorable regulation and further growth of blockchain technology and cryptocurrency in financial services.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Commodity_Futures_Trading_Commission\"><\/span>Commodity Futures Trading Commission<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The last appointment that should make investors optimistic is Chris Brummer, who is <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.reuters.com\/article\/us-usa-biden-cftc-exclusive-idUSKBN29Q2MT\">expected<\/a> to become the next Chairman of the CFTC. As a member of the CFTC\u2019s subcommittee and faculty director of Georgetown\u2019s Institute of International Economic Law, Brummer will advise Yellen on regulatory affairs related to cryptocurrency while also potentially laying the foundation for a more expansive derivatives market for digital assets.<\/p>\n<p class=\"post-content__disclaimer\"><em>The views, thoughts and opinions expressed here are the author\u2019s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.<\/em><\/p>\n<div>\n<div style=\"background: rgb(239, 239, 239); border: 1px solid rgb(204, 204, 204); padding: 10px;\"><strong>Edmund McCormack<\/strong> is the founder and CEO of Dchained and is also a tech and crypto-investing veteran. For 15 years, Edmund has been active in the launch and adoption of technology and services now integral to everyday life from <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">social<\/a> networks to the App Store. Through the intersection of technology and a community of investors and experts, Edmund has built the educational platform focused to help everyday individuals learn and get started in cryptocurrencies.<\/div>\n<\/div>\n<p><template data-name=\"subscription_form\" data-type=\"law_decoded\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/crypto-friendly-faces-poised-for-positions-in-biden-administration\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# Crypto-friendly faces poised for positions in Biden administration &#8221; As the United States Senate begins confirming leadership posts across commerce and the treasury, there has been meaningful momentum in the crypto community as a response. This is due to the profiles of various individuals who have been reportedly nominated, as well as the anticipated&#8230;<\/p>\n","protected":false},"author":1,"featured_media":172864,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMDIvZDlhNTNkNmYtYWFlYi00MzI5LWJlZTAtNDVmNTM5NTM3NzM1LmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,74858,74894,74863,74898,75269,71511,70934,67874],"class_list":["post-172863","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin","tag-bitcoin-regulation","tag-blockchain","tag-cryptocurrencies","tag-sec","tag-us-government","tag-government","tag-regulation","tag-united-states"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/172863","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=172863"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/172863\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/172864"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=172863"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=172863"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=172863"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}