How Joe Biden's Picks for SEC, Treasury Will Impact Crypto

[buwaytress]

US is not China. Whatever changes will be, there will not be big.
And what could affect? The price? The world is discovering crypto and US was always afraid to not remain behind.
I don't think that anything big will be done against crypto.

I see all this only usual newspaper noise.

From ex Fed bigshots becoming crypto advisors, to ex-crypto bigshots becoming Fed Chairs and crypto moms, and presidential candidates being friendly towards Bitcoin, it's all been a soup of feel-good melodrama for Bitcoin and crypto.

Perhaps some minor movement on markets, but all lost on the big stage of actual fundamentals growing regardless of politics.

Maybe it's somehow helped institutionals make up their minds, but I think regular fiat policies should take full credit for that.

[NeuroticFish]

it's all been a soup of feel-good melodrama for Bitcoin and crypto.

Perhaps some minor movement on markets,

A couple percents of news/FUD fueled minor movements here and there can make millions to the traders that can spread and make use of them. So it's not to be underestimated.
Still all this noise cannot cover the effects the halving and the sound of the money printing machines from all over the world.

[o_e_l_e_o]

Yellen may be against crypto, but she can't just create some ruling on her own volition, that's why I think bitcoin will still prosper, albeit some regulatory changes that protects the investors more than ever.

Yellen's predecessor, Steven Mnuchin, was the one trying to push through the legislation requiring all US citizens to provide KYC for their own wallets before he was removed from office. Given Yellen's comments about how bitcoin is only used for "illicit" activities, I fully expect her to continue to push ahead with this legislation once Biden's blanket freeze expires. Sure, she'll need wider support, but since the general understanding in government of anything tech related, let alone bitcoin, is so poor I'm sure she'll just have to spout some nonsense about bitcoin funding terrorists or "Won't you think of the children!" and our idiot lawmakers will fall in line.

With similar regulations starting to creep in to Europe as well, there has never been a more important time to get all your funds off of centralized exchanges and in to your own wallets.

[buwaytress]

A couple percents of news/FUD fueled minor movements here and there can make millions to the traders that can spread and make use of them. So it's not to be underestimated.
Still all this noise cannot cover the effects the halving and the sound of the money printing machines from all over the world.

Not at all, don't mean to be dismissive of any impact, but saying it's inconsequential in the medium and long term, which really, is what most of us by now are eyeing (if we can claim to be in the long-term boat, that is).

Like you said, though. All that noise is impossible to ignore. All that math is impossible to deny. Not for very long anyway. Bargain price BTC, right now, really.

[bryant.coleman]

I don't expect anything good really. Most likely, the policy towards bitcoin will be more hostile.

It will get more hostile, and there is no doubt about it. Democrats in general, are much more hostile to the idea of cryptocurrency when compared to the Republicans (I am not talking about establishment Republicans though). In the short term, we can expect tighter KYC regulations and a ban on American citizens from indulging in cryptocurrency trading in exchanges where KYC is not mandatory. In the long term, the regulators may force online wallet providers such as Blockchain.com to provide information on their clientele, which may force these firms to make KYC mandatory for their users.

[Coinsfera]

I believe biden's adminstration will be friendly to Cryptocurrency especially on top coins like BTC, ETH, XRP after a big news from SEC before few months XRP faced a big blow and I hope the results will go on public favour as loads of money has been invested in XRP, and I guess they won't disappoint anyone.

And yes regulations will surely be there in upcoming days because they wanted to secure dollar

Yes. For now, the vast majority agree that the Biden administration will have a positive impact on cryptocurrencies. Even regulations.

[Wind_FURY]

Gensler is pretty much in for making the scene a little friendlier to all parties including the average Joes. Yellen's take on crypto, however, is on the negative side of the spectrum as of the moment, though surely it will be subject to change if enough pressure is given by the pro-crypto lawmakers and members of the admin, including the private sector as well. Yellen may be against crypto, but she can't just create some ruling on her own volition, that's why I think bitcoin will still prosper, albeit some regulatory changes that protects the investors more than ever.

It does not change anything. It’s all FUD, like “China banned Bitcoin FUD”. Bitcoin WILL reach its peak potential ATH this year or on 2022, and nothing is going to stop it, with or without a supportive U.S. government.

A couple percents of news/FUD fueled minor movements here and there can make millions to the traders that can spread and make use of them. So it's not to be underestimated.
Still all this noise cannot cover the effects the halving and the sound of the money printing machines from all over the world.

Not at all, don't mean to be dismissive of any impact, but saying it's inconsequential in the medium and long term, which really, is what most of us by now are eyeing (if we can claim to be in the long-term boat, that is).

Like you said, though. All that noise is impossible to ignore. All that math is impossible to deny. Not for very long anyway. Bargain price BTC, right now, really.

Honey Badger don’t care. Bitcoin goes up when it’s time to go up. Plus after ALL the FUD, ALL the disinformation, ALL the trolls, Bitcoin still managed to reach $40,000 per coin. 6 digits is within reach in my opinion.

[thecryptogandalf]

It is good news to have someone in this position who understands Bitcoin. It remains to be seen whether this will translate into favorable regulation.

[o_e_l_e_o]

In the short term, we can expect tighter KYC regulations and a ban on American citizens from indulging in cryptocurrency trading in exchanges where KYC is not mandatory.

It will be interesting to see if they push for KYC for all exchanges, including ones which do not touch fiat and only trade between bitcoin and altcoins. I suspect they will.

In the long term, the regulators may force online wallet providers such as Blockchain.com to provide information on their clientele, which may force these firms to make KYC mandatory for their users.

This is a good point actually. If they require KYC for all withdrawal addresses from exchanges, then they will almost certainly push for KYC for all web wallets too. This is going to make it more daunting for newbies to get involved in crypto, since they are the predominant users of web wallets. Not only that, but if your web wallet is linked to your real identity, then it gives the government the ability to force your web wallet provider to freeze your account if they so choose. Might as well just use a fiat bank at this point.

Honey Badger don’t care. Bitcoin goes up when it’s time to go up.

I don't disagree that it is unlikely to have any major impact on the price, but there are more important things than the price, such as protecting the very nature of bitcoin and preventing governments and other third parties having control over your coins. Although this legislation won't affect the use of bitcoin for people who avoid such centralized services, it will definitely make bitcoin less censorship resistant and less decentralized for users who use exchanges and web wallets.

[Wind_FURY]

Honey Badger don’t care. Bitcoin goes up when it’s time to go up.

I don't disagree that it is unlikely to have any major impact on the price, but there are more important things than the price, such as protecting the very nature of bitcoin and preventing governments and other third parties having control over your coins.

I didn’t say anything about the price as the most important. I was merely debating that all the news about Biden, and his picks as the new SEC chairman, or for the treasury is FUD. Price will simply be the proof.

Although this legislation won't affect the use of bitcoin for people who avoid such centralized services, it will definitely make bitcoin less censorship resistant and less decentralized for users who use exchanges and web wallets.

Educate the newbies.

[worle1bm]

Biden is all set to take up the top office as his new position of US president and as mentioned earlier his nominees of federal office will shape crypto policy for the country for coming years and they might set up a uniform agenda for its regulations.The Securities and Exchange Control (SEC) which will be headed by Gary Gensler who have knowledge of blockchain technology will form rules regarding crypto working.It is expected that they will be crypto friendly and its obviously opposed by the wall street observers.Plus, his fellow CFTC alum Jeffrey Bandman believes he may approve a bitcoin exchange-traded fund.Moreover as mentioned above by one of the members that Biden administration is funded with huge amounts by crypto world and he will not stand against them but not at the cost of losing dollar value.But this will not have much impact on prices only in the short run because in long run they always tend to rise so see what exactly happens with new leadership in most powerful economical nation of world.

[o_e_l_e_o]

I was merely debating that all the news about Biden, and his picks as the new SEC chairman, or for the treasury is FUD. Price will simply be the proof.

I don't think it's FUD at all. Janet Yellen is a very vocal bitcoin critic, and will absolutely use her position to push for more legislation and greater restrictions on the buying, selling, and trading of bitcoin and other cryptocurrencies for US citizens and any companies which operate within the US. Now, we can argue whether or not that will have any significant long term effect on the price, but if these excessive "KYC for your own wallet" rules and other legislation passes, then it will definitely have a long term effect on the bitcoin ecosystem within the US and further afield.

Educating the newbies, as you say, is certainly a noble goal, but we've spent years on every forum, subreddit, twitter account, etc. doing that and still we have a huge number of users who continuously make basic mistakes such as endlessly reusing the same address or keeping all their coins on a centralized exchange or web wallet.

[Wind_FURY]

I was merely debating that all the news about Biden, and his picks as the new SEC chairman, or for the treasury is FUD. Price will simply be the proof.

I don't think it's FUD at all. Janet Yellen is a very vocal bitcoin critic, and will absolutely use her position to push for more legislation and greater restrictions on the buying, selling, and trading of bitcoin and other cryptocurrencies for US citizens and any companies which operate within the US. Now, we can argue whether or not that will have any significant long term effect on the price, but if these excessive "KYC for your own wallet" rules and other legislation passes, then it will definitely have a long term effect on the bitcoin ecosystem within the US and further afield.

The news could be real, but the claims, and the narrative made that, “It will be the death of Bitcoin”, is merely FUD. They threw everything to it, including the kitchen sink!

https://99bitcoins.com/bitcoin-obituaries/

Educating the newbies, as you say, is certainly a noble goal, but we've spent years on every forum, subreddit, twitter account, etc. doing that and still we have a huge number of users who continuously make basic mistakes such as endlessly reusing the same address or keeping all their coins on a centralized exchange or web wallet.

Some learn the easy way, some learn the hard way. Keep educating.