As the US Senate begins approving leadership positions in the business and government sectors, there is huge momentum in the crypto community in response. This is due to the personal files of the various people allegedly appointed, as well as the expected financial measures of future management, which are expected to provide a positive impetus for the growth of the cryptocurrency.
Although many formal agreements have been concluded and a number of confirmations have not yet been received, others are still in the process of being appointed. Let’s make a quick circuit across the swamp.
Janet Yellen has been confirmed with 84 votes, and will lead the Treasury. During the hearing, Yellen announced his support for the Biden program, which includes potential tax increases for the wealthy, to “support the dollar” in stabilizing the dollar amid attempts to undermine current value by manipulating the overseas market and ensuring dollar stability. . The US economy is in the midst of the current global COVID-19 pandemic. Regarding cryptocurrency, Yellen did not directly address its approach to regulation in the region during the confirmation session; However, she stated that the legitimate use of cryptocurrencies, such as ways to use this type of decentralized financing, should be encouraged to “improve the efficiency of the financial system”.
Security and Exchange Committee
One appointment of particular interest to the cryptocurrency community is Gary Gensler, who previously served as chair of the Commodity Futures Trading Commission under President Barack Obama and Treasury Secretary under President Bill Clinton. Earlier, Gensler described blockchain technology as a “catalyst for change,” and openly declared the importance of cryptocurrencies and formally stated that there were “good reasons” for classifying XRPs as securities. He also talked a lot about how blockchain technology could solve payment problems in the United States.
As the expected chairman of the SEC board, Gensler would be well-positioned to rally support for the US Federal Reserve’s digital currency, particularly because of the institutional interest in the product. Gensler will also play a significant role in large-scale government actions on cryptocurrencies and blockchain, such as the Bitcoin Exchange (BTC), and is expected to change the mood in his favor. Gensler is currently a practice professor at MIT’s Sloan School of Management, researching and studying blockchain technology, digital currencies, financial technology, and public policy.
Moreover, the resignation of SEC Chairman Jay Clayton was welcomed by cryptocurrency enthusiasts, as he was known to be skeptical of the digital finance industry. With Clayton stepping aside, along with his independence in the fight against cryptocurrencies, the path is open for Bitcoin ETFs to become a reality.
There are already a number of Fidelity-led financial institutions and investment firms that have requests for bitcoin money in the SEC processing and will put pressure on Gensler upon joining.
Another office that has been focused on as the city moves is the Office of the Inspector. Brian Brooks, the former head of the OCC under the Trump administration, has left, declaring before his resignation that banks can use stable coins and blockchains to process payments. In what is considered a “clarification letter,” the OCC allows federal banks to use cryptocurrencies at fairly fixed rates for standard transactions. The message also states that banks can participate in verifying transactions on the blockchain, take a fantastic regulatory step forward to obtain stable coins and create more potential for cryptocurrencies.
Before leaving his position, Brooks made an official statement about the importance of a decentralized economy, explaining:
This is the essence of decentralization. There is no CEO in the cryptocurrency world. Encryption is freedom, and if you didn’t think about freedom last week, think about it again. ”
City transition team is expected to appoint Michael Barr to succeed Brooks at the OCC in early February. Before serving as a consultant for Ripple and a member of the LendingClub board, Barr helped draft the Dodd-Frank Act, which introduced strict consumer protection rules for lenders and lenders after the housing crash. It may be this unique combination of expertise and reliability that is needed to foster favorable regulation and further growth in blockchain technology and cryptocurrencies in financial services.