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

[Imran232]

Joe Biden has picked two high-profile individuals to fit these big roles. Experts discuss how they will affect the crypto industry.



In brief

• Major regulatory agencies in the US are in the middle of a leadership shift.
• Gary Gensler is expected to lead the SEC, and there’s likely to be a bigger focus on crypto exchanges and trading platforms.
• Former chair of the Federal Reserve Janet Yellen has been confirmed as Treasury Secretary.
  

Following Biden’s inauguration, there will be an array of new faces in Washington, including several who will have oversight of the crypto markets, including Gary Gensler and Janet Yellen.

To know more detailed about their information and joe bidens announcement about bitcoin with gary and janet information check this news source.

https://decrypt.co/55421/how-joe-bidens-picks-for-sec-treasury-will-impact-crypto

[squatz1]

Ah, it’s nice to see that the link that you posted on the bottom is just a regular source instead of your own blog spam. But onto the topic here:

Pretty sure that the Biden admin is going to be pretty crypto friendly, given the fact that his second largest donor is Sam Bankman Fried with a $5,000,000 donation to his campaign - https://www.coindesk.com/cryptocurrency-ceo-donated-second-largest-amount-to-joe-bidens-campaign

Not expecting TOO MUCH CHANGE. Probably more IRS audits for crypto stuff, but that’s that IMO.

[TravelMug]

There's noise about Janet Yellen, Janet Yellen Reveals Plans for Bitcoin — Sees Cryptocurrencies Used Mainly for Illicit Financing .

And I would say that this is one FUD that started when this news was released on January 21 and then the final catalyst is the supposedly "double spend".

In any case though, I agree with @squatz1, nothing will change, probably bitcoin will be the 'collateral' damage in terms of terrorism. But in the long run, we can still survived, and remember this? Famed investor Mike Novogratz expects a Biden victory and a Republican-controlled Senate to boost tech stocks and Bitcoin,

[ivankoh]

• Gary Gensler is expected to lead the SEC, and there’s likely to be a bigger focus on crypto exchanges and trading platforms.

I came across a very unique article about his character. Surely there will be more regulatory changes in the near future, does Q1 this year seem more comfortable to us?
Many people are concerned that Gary Gensler will assist the SEC to submerge XRP or create a good healing instead of letting the court decide.
https://www.investopedia.com/what-does-gary-gensler-as-sec-chief-mean-for-crypto-5095573[/list]

[kentrolla]

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

[Kakmakr]

Well butt hurt "Janet Yellen" will have to get her revenge on "The Bitcoin Guy" ..after he sabotaged her speech on live TV. So we will see some kind of backlash for that in these new regulations that they are planning.

Let's just hope it is not anything close to this ---> "BitLicense" (New York) : https://en.wikipedia.org/wiki/BitLicense where Benjamin Lawsky really tried to screw Bitcoin back in 2014. 

It will push Bitcoin use underground and it will only slow it down a bit, but illegal transactions will increase and taxes will not be paid.

[pooya87]

Nothing major is going to change, small cases of enforcing regulations here and there is not going to affect bitcoin and it is not going to be any different from the past 12 years in any of the previous administrations in one country!
The only thing major that would be worth concerning over is if one administration adopted bitcoin with open arms and removes taxes on it like what Japan did 4 yeas ago or outright ban it like what Bangladesh did. And neither one of these two scenarios are happening so it is not worth even discussing.
Everything else they do to centralized shitcoins such as XRP, ETH,etc. doesn't matter because it does not affect bitcoin and they can do it because they are "centralized".

[zvs]

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

If by "friendly" you mean scare people off the USD w/ massive inflationary pressure, then I agree with ya.

[NeuroticFish]

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.

[Mariangle Blocker]

Ah, it’s nice to see that the link that you posted on the bottom is just a regular source instead of your own blog spam. But onto the topic here:

Pretty sure that the Biden admin is going to be pretty crypto friendly, given the fact that his second largest donor is Sam Bankman Fried with a $5,000,000 donation to his campaign - https://www.coindesk.com/cryptocurrency-ceo-donated-second-largest-amount-to-joe-bidens-campaign

Not expecting TOO MUCH CHANGE. Probably more IRS audits for crypto stuff, but that’s that IMO.

yeah, I read newspapers and Biden seems to be nice to crypto. Maybe he'll make crypto better, I suppose

[Wenbing]

What we should not fail to realize is the fact that the united states of America practice capitalism even though with regulations. The point is that regulation are there not to negatively prevent growth but to ethically guide the growth, operation and development of any industry. so, i feel that is what these two appointee will do, to ensure that the industry is regulated in the best way, so that the economy will benefit as well as the government.

[Lorence.xD]

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

This change in administration will be a lynchpin to the status of cryptocurrency, if they were friendly and have the regulations that does not set back the progress of cryptocurrency and bitcoin in their country then good thing because many countries will try to follow the footsteps of USA when it comes to some regulations that involves economy or cryptocurrency, some would even want to reference their regulations based on what USA will do because some of them do not know or do not have the resource to deal with regulating cryptocurrency.

[cryptomaniac_xxx]

As far as I can remember, the same thing can be said when Trump took office, he will be friendly to crypto because he surrounds himself of so called crypto/blockchain advisors. But we didn't see anything change to crypto/blockchain during his tenure. And so we can say that same with Biden here, I'm not seeing any U-turn on crypto specially bitcoin, they will continue to 'regulate', but not with strong hand, tell will just let it flourish like the Trump administration.

[Wind_FURY]

ALL COORDINATED FUD to make you sell. But be happy. Take all the “bad news”, the crash, and the coordinated FUD as just another opportunity to pick up cheap coins before Bitcoin moons to 6 digits.

[xcaret]

WGAf ?  They can't stop BTC ,only stop huge investors , who just manipulate the BTC market anyway .

The worst that they can do is bring the BTC back down to amounts that investors won't bother with, and we can do our p2p dealing again with a BTC worth $150.00 .  only those buying in and hope to cash out with huge profit will get hurt . Not the seriousp2p people . F**k those greedy lice , be good to see the last of em ! 

[yazher]

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

It's all up to the new appointed finance secretary whether he goes against BTC or not. this is why we see the price today has stopped from further increasing because they might wait for an announcement. If everything goes well with their announcement about the crypto industry then the price of bitcoins in the market will likely continue to grow or maybe we are crossing the $40,000 mark by that time. If not, then those who are waiting for their decision will not use their money to invest in Bitcoin because of its assurance.

[Mpamaegbu]

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 believe even China is regretting what it did in 2017 by banning Bitcoin. The rest of the world has moved on and Bitcoin is doing very well without China. The US always likes latching onto anything that gives it an advantage over China, whether in politics or economy and so won't want to do anything to jeopardize its lead in crypto.

I see all this only usual newspaper noise.

I also feel the same way too. The noise will die down sooner than we anticipate.

On the flip side, I think we all should stop expecting much from politicians to make Bitcoin better. This isn't likely to happen.

[somedollars]

Sure, but since some members of Congress are pro crypto. It is possible that diplomacy would be used.

[dothebeats]

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.

[lifeforcepools]

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