Bitcoin Forum

Back in February United States Secretary of the Treasury Steve Mnuchin stated that they were working on significant new rules around the governing of bitcoin and cryptocurrency ( https://www.coindesk.com/us-financial-crimes-watchdog-preparing-significant-crypto-rules-warns-treasury-secretary-mnuchin ).

Now that Joe Biden has won the Presidential election, Steve Mnuchin will no longer be the US Sec. of Treasury going forward.  So the question now is..will this entire project they were working on be dissolved, or will it and or the team be left in place so that the new administration can continue forward with it?

Firstly US treasury doesn't work according to what one person thinks! So it really doesn't matter if the current secretary is bidding adieu along with Trump! Any project that US treasury takes up, usually has IRS, Department of Law, enforcement agencies like FBI as stakeholders.

So if US treasury has taken up some project to bring in more regulation around cryptocurrency, it will continue even after the secretary changes. Unless and until they are specifically instructed by the people in power, it will continue!

In the domestic regulatory system, if the position is changed, usually the initial programs that have been carried out by previous officials will be continued according to the targets achieved. However, regardless of bias, whether the policies related to the new system were the same or vice versa. for a predetermined period of time will be abandoned or follow the new arrangement.
In addition, whether the President agrees, while Biden in the matter of his candidacy has a number of programs that he ran when he was elected president, and is now answered as president of America. So I think the previous program will be postponed for a while until there is a policy from Biden. If you agree, the program will continue. Although there is a high probability that Biden has a tendency to disagree.

A lot will also probably hinge on how much was done / how far they have gotten.
If there has been a lot of work put into it then it will probably continue. If someone wrote an outline of what they wanted and put it in a memo, but nothing else has been done then who knows.

With that being said, it will probably move forward no matter what, but the scale and timing of when things are done will change.

-Dave

Most projects that have already started are carried over to the new administration, even if the one heading said project is no longer part of the administration. Projects like these are rarely scrapped especially if it already has been reviewed and approved by involved departments and the federal government itself. In this case, it's only been suggested but no substantial moves, resources and efforts have been put into it yet, so surely this wouldn't be carried over to Biden's administration.

Yes...it will continue;

• If the new regulation has been made law, or
• If Biden directs the Treasury to proceed differently through Executive Order or new Leader appointment

Unfortunately, how the US regulates bitcoin or cryptocurrency isn't likely to be a priority of the Biden administration in 2021...there are so many other things for them to devote attention.

What we can do is look at which Economic Appointments he may make and what positions those people have had on Bitcoin/Crypto in the past...that's the best indicator (today) of what could happen in 2021 to affect this world.

Here's a Forbes article on What Biden Nominees Could Mean for Bitcoin and Digital Assets. (https://www.forbes.com/sites/jasonbrett/2020/11/09/six-documents-show-bidens-cabinet-could-bring-regulatory-clarity-to-crypto/?sh=6bd08489176f) Give it a read and share what you think!