How President Biden new appointees will shape the crypto industry

TL;DR Breakdown

  • President Biden’s new appointees would shape the crypto industry for the next four years.
  • Janet Yellen, the new Treasury Secretary, says it is essential to build a framework that would facilitate the legitimate use of Bitcoin.
  • Gary Gensler is yet to be confirmed as the chairman of the SEC.

Since his ascension into office, President Joe Biden has rolled up his sleeves and made a flurry of new appointments. While most of these new appointments might not intrigue the crypto community, the recent confirmation of Janet Yellen as the new Treasury Secretary plus the imminent arrival of Gary Gensler as the chairman of the Securities and Exchange Commission would, however, pique the interest of the community.

President Biden’s new appointees give hope to crypto enthusiasts

There is no denying that these two individuals would play a significant role in the crypto industry’s fate for the next four years. However, members of the community hope that these new appointees develop policies that would be favorable to digital assets.

And with the President Biden administration looking to drag the economy out of its current slumber, hopes are high that more fiat currencies would be minted, which, invariably, would drive inflation higher. This, they believe, would still be a big plus to the overall crypto industry.

Yellen and Gensler could be a positive addition to the crypto industry

Jeff Alberts, a former attorney in the US, thinks that Gary Gensler could be a positive addition to the digital asset industry. According to Alberts, Gensler is not afraid of innovations or change, which could help those seeking an innovative financial industry. 

However, he sounded a note of warning by saying that the yet-to-be appointed SEC chairman could be very aggressive while enforcing and applying security laws and policies. This way, firms looking to raise funds through ICOs from their investors should expect greater scrutiny.

Alberts also commented on Janet Yellen’s vow to combat the use of crypto assets like Bitcoin for illegal activities. He noted that these comments are not surprising as it is expected of someone of her stature to talk tough on such illegal use of the assets. He added that crypto enthusiasts should not think that Yellen is going to be changing FinCEN’s approach.

While answering questions about the crypto industry during her confirmation hearing, the new Treasury Secretary had said that it is important for the authorities to look at how these crypto-assets can improve the financial system. She further highlighted how it’s vital for the country to have a framework that would facilitate the legitimate use of Bitcoin.

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