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October 5, 2022
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The cryptocurrency lobby wonders what BTC policy will be pursued by the Biden administration –

The US cryptocurrency lobby wonders what Joe Biden’s success means for the Bitcoin market.

Cryptocurrency Lobby: We are cautious optimists

One gets the impression that the US cryptocurrency lobby is cautiously optimistic about potential Biden associates who may have an impact on the US BTC market. At least, that’s what follows from Thursday’s discussion organized by TRM laboratories, attended by the executive directors of the Blockchain Association and Coin Center – Kristin Smith and Jerry Brito, respectively. The duo entered into a discussion about who the Biden administration would nominate to top regulatory agencies such as the Securities and Exchange Commission (SEC).

Smith said she hoped there would be more regulators in the committee who would like to work alongside the cryptocurrency industry and with current OCC chief Brian Brooks. She concluded that despite the persistent “stigma” regarding industry, lawyers and regulators are increasingly open to digital currencies.

– If you look at the regulatory specialists, solicitors who operate in the cryptocurrency market, they are very talented people who have previously worked in government, at the best law firms and who are considerate – she said.

However, Smith did not name a single individual. Brito did not mention any names either, but gave general guidelines that he would follow if it was up to him to choose a regulator.

– Ideally, you should understand technology and potential [BTC] – he said.

Brito was optimistic though and said that “The Biden administration should be able to achieve this.

The situation in the USA

Last month, both the Blockchain Association and Coin Center criticized the ideas of US authorities. The point is, the Treasury Department wanted to regulate the cryptocurrency wallet market, but in a style that wouldn’t be good for businesses. The same issue caught the attention of Congress. Both Brito and Smith have identified such ideas as a threat and a top priority in their day-to-day operations. Smith said that “Until last summer, the industry was not particularly concerned about this problem.”

Brito added that Facebook’s Libra, recently renamed Diem, also drew government attention to the peer-to-peer market. Facebook is said to have made digital currencies interested in people who were standing on the sidelines and unfamiliar with Bitcoin or Ether.

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