Cryptocurrencies are drawing attention from the mainstream media as time goes on. Although the industry has been lagging for a long time with government disregard, this is likely to change. It looks like Joe Biden’s upcoming government is expected to continue to increase the commodity sector’s popularity. Kristin Smith, the CEO of the Blockchain Association, recently expressed the hope that the government led by Joe Biden could be more friendly in the crypto industry than Trump’s executives.
Speaking as a guest at Fortune’s Balancing the Ledger, Smith said cryptocurrency could have a chance with Biden management’s arrival.
“I think what we see with Biden’s management is an opportunity to find a new face in key regulatory bodies that may be more willing than any of the regulators we have today to move forward with policies that can suit crypto,” Smith said.
There were some rumored plans to appoint a Gary Gensler-friendly crypto, a former Goldman Sachs banker who became a financial regulator, in the Biden reform team in terms of plans to look at Wall Street. Smith said it was a good sign, as anti-blockchain and crypto regulators in the past did so out of ignorance of technology. He also added that since Gensler is a Blockchain and teaches crypto at the MIT Sloan School of Management, it would be easy for him to do the job.
Smith noted that just having an influential person with cryptocurrency knowledge who knows what Ethereum is would help make a case with cryptocurrency and blockchain. The crypto community would not ask for more.
Cryptocurrency will feel comfortable with Biden as president of the USA, according to the Wall Street Journal, with the Bitcoin logo on the front page – something that never happened four years ago. The Wall Street Journal posted a Bitcoin article on its front page on November 23, which focused on the migration of investors into the world of cryptocurrency.
Another event that reaffirms Biden’s friendly management of cryptocurrency is the appointment of Janet Yellen as Secretary of Finance. Although Janet Yellen is not a big fan of Bitcoin, she believes U.S. financial regulators. They should allow blockchain and cryptocurrency operations. He pointed out that blockchain “new technology could potentially affect the way jobshownaged across the financial system. “
As the new Secretary of the USA Treasury, there is a strong possibility that it will influence regulators such as the Financial Crimes Enforcement Network (FinCEN), the Office of Foreign Asset Control (OFAC), the Internal Revenue Service (IRS), and the Office of the Chief Financial Officer under the Treasury. They are looking at the cryptocurrency industry.
This is especially needed because regulators under Trump’s administration have not been very friendly in the crypto industry. To date, there is no clear framework for regulating the industry, a situation that has hampered the development of blockchain and cryptocurrency. As a result, big companies, such as crypto exchange Bittrex and payment company Ripple, have left the country for friendly places.
Many sectors are required by distributed law: while most of them will still use new technologies, the gambling industry makes extensive use of crypto and offers guaranteed benefits, such as anonymity and speed of transaction, to users. One of the brightest examples here is 1xBit, which first adopted cryptocurrency back in 2016 and has grown into a trusted name among crypto casinos.
1xBit offers many benefits, including the complete anonymity of its users. The platform currently supports more than 25 cryptocurrencies that gamblers will use for betting. New users have a welcome bonus of up to 7 BTC for the first 4 deposits and a simple registration that does not require KYC. Prizes can be easily withdrawn from a private fund without cash.
With 1xBit, you can use your favorite cryptocurrencies to bet and win huge prizes even before the appropriate regulatory framework for the cryptocurrency and blockchain sector in the United States.