Joseph Biden became president this Wednesday, January 20.
His administration is believed to be more pro-crypto than the previous one.
The main financial managers of his firm and of his congress have real experience of blockchain.
President Biden took office on Wednesday, January 20. What does his inauguration mean for cryptocurrencies? Will his administration be blockchain-friendly?
Stress and relief
Joe Biden’s nomination today was greeted with fanfare and nervousness. After the invasion of the Capitol in Washington on January 6 , there was a bit of tension in the air. Eugene Goodman, a Capitol Police officer who single-handedly kept an angry group at bay, was there.
At the same time, some of the inauguration attendees expressed their relief when Joe Biden took the oath (eg singing, in the case of Lady Gaga and Jennifer Lopez).
US Vice President Mike Pence was also present at the inauguration, but former President Donald Trump was notably absent. The outgoing president was also widely regarded as anti-cryptocurrency . That said, Biden’s administration might be more sympathetic to Bitcoin Union.
Biden’s words
President Biden’s speech was addressed to a divided country. He notably called on Americans to unite as a nation to put an end to terrorism, racism and the demonization of American ideas.
He also asked them to put politics aside and support each other. The facts, he said, should inform lawmakers above all. Last but not least, he asked Americans to be open to new ideas and to listen to each other.
The president did not make specific comments on economic policy, but his tenure could also open up to new ideas like crypto. Some key members of his new administration were in favor of a blockchain-oriented future.
A crypto office
The new chairman of the SEC, Gary Gensler, knows more than a little about blockchain technology. He notably taught the subject of blockchain at MIT. Gensler has said several positive things about crypto, including calling Bitcoin “the modern version of gold.”
Despite some reservations, Janet Yellen, the new US Secretary of the Treasury, has shown interest in crypto, according to Forbes . During her confirmation hearing on January 19, 2021, Ms. Yellen was asked about cryptocurrencies.
While it hasn’t made any specific promises, the fight against cryptocurrency has seen several recent developments. Stopping the use of cryptocurrencies for criminal activity appears to be a major concern for her, not the rise of digital currencies themselves.