The Blockchain Association wants to convince the Joe Biden administration that cryptocurrencies are more than just potential criminal tools. This is a reaction to the recent words of Janet Yellen, the new US Treasury secretary, who spoke quite harshly about BTC.
The Blockchain Association is lobbying for the development of Bitcoin in the US
Kristin Smith is the executive director of the Blockchain Association, the leading industry association that promotes cryptocurrencies in the US. In an interview with FOX Business, she announced that she and her colleagues want to educate the administration of the White House on digital currencies.
Smith admitted that the association was meeting with employees of the Treasury Department. He is also in the process of planning a meeting with Secretary Janet Yellen and her deputy Wally Adeyemo, who is an expert on cryptocurrency and blockchain technology.
“ Our priority is to help Yellen understand that cryptocurrencies go beyond financing criminals Smith said in an interview with FOX Business. – We want them to understand the value of the cryptocurrency network – she added.
Cryptocurrencies such as Bitcoin are a type of digital currency used to make transactions outside of the normal banking system and through a decentralized network known as blockchain.
Cryptocurrency promoters say currency is impossible to counterfeit, and blockchain technology allows for hassle-free transactions without costly checks and processing, as is the case in a traditional banking system
– characterizes cryptocurrencies Fox Business.
It is worth adding that the cryptocurrency community has high hopes for the new administration of the White House. Donald Trump and his associates approached Bitcoin with a certain degree of distrust. This has left the US cryptocurrency market still somewhat unregulated. This leads to confusion. Currently, for example, Ripple has problems, which the SEC wants to punish for the fact that by issuing tokens XRP actually broke the securities regulations.
Yellen herself admitted, however, that cryptocurrencies are “a growing problem ”. At a recent New York Times Dealbook conference, she said Bitcoin is “An extremely ineffective way to conduct transactions.” She added that “as far as it is used, I fear it is often used for illicit financing. “