Cryptocurrencies are drawing attention from the mainstream media as time passes by. Though the industry has been held back for a long time by neglect from the government, this may be about to change, as it seems the incoming government of Joe Biden is set to further increase the popularity of the asset class. The executive director of the Blockchain Association, Kristin Smith, recently expressed optimism that the government led by Joe Biden could be more friendly to the crypto industry than the Trump administration.
Speaking as a guest on Fortune’s Balancing the Ledger, Smith said that cryptocurrency might have an opportunity with the coming of the Biden administration.
“I think what we see with a Biden administration is an opportunity to get some fresh faces into the key regulatory agencies that might be more willing than some of the other regulators that we have today to move forward on policies that would be good for crypto,” Smith said.
There were some rumored plans to appoint crypto-friendly Gary Gensler, an ex–Goldman Sachs banker turned financial regulator, into Biden’s transition team regarding Wall Street’s oversight plans. Smith said it is a good sign, as regulators who have resisted blockchain and crypto in the past did so out of ignorance of the technology. He also added that with Gensler being a Blockchain and crypto instructor at the MIT Sloan School of Management, it could be easier for him to make way for the technology.
Smith mentioned that just having someone in a position of influence with knowledge of cryptocurrency who knows what Ethereum is could go a long way in helping to make a case for cryptocurrency and blockchain, and the crypto community couldn’t have asked for more.
Cryptocurrency will feel free with Biden as the president of the USA, according to the Wall Street Journal, with the Bitcoin symbol on the front page – something that has not happened in the last 4 years. The Wall Street Journal placed a Bitcoin story on its front page on 23 November, which focused on the influx of investors into the world of cryptocurrency.
Another event that further confirms a friendlier Biden administration to cryptocurrency is the appointment of Jenet Yellen as Treasury Secretary. Although Jenet Yellen is not a huge fan of Bitcoin, she believes the U.S. financial regulators should allow blockchain and cryptocurrency projects to develop. She expressed that blockchain is a substantial “new technology that could have implications for the way in which transactions are handled throughout the financial system.”
As the new secretary of the USA Treasury Department, it is more likely that she will influence regulators such as the Financial Crimes Enforcement Network (FinCEN), Office of Foreign Asset Control (OFAC), Internal Revenue Service (IRS), and Office of the Comptroller of the Currency which are all under the office of the Treasury secretary to change their approach towards the cryptocurrency industry.
This is particularly necessary because regulators under the Trump administration have not been very friendly towards the crypto industry. Up to now, there is no clear regulatory framework for the industry, a situation that has hampered the development of blockchain and cryptocurrency. As a result, big companies, such as the crypto exchange Bittrex and payment company Ripple, have left the country to more friendly destinations.
Many spheres are in demand for decentralized regulation: while most of them are yet to implement new technology, the gambling industry widely uses crypto and provides guaranteed benefits, such as anonymity and speed of transactions, to users. One of the brightest examples here is 1xBit, which started to accept cryptocurrency back in 2016 and has grown to become a trusted name among crypto casinos.
1xBit offers a lot of benefits, which include full anonymity for its users. The platform currently supports more than 25 cryptocurrencies for gamblers to use for betting. New users have a welcome bonus of up to 7 BTC for the first 4 deposits and a simple registration that doesn’t require KYC. Rewards can be easily withdrawn to a private wallet with no fees.
With 1xBit, you can use your favorite cryptocurrencies to bet and win huge rewards even ahead of a proper regulatory framework for the cryptocurrency and blockchain industry in the United States.