Editor's Note: This article comes fromMengyan Finance (ID: Meng-eyes), reprinted by Odaily with authorization.
Editor's Note: This article comes from
Mengyan Finance (ID: Meng-eyes), reprinted by Odaily with authorization.Before the article was written and compiled, Biden had not yet been officially sworn in. At present, Biden has been officially sworn in as the new president of the United States.The 46th president has some crypto-savvy people around him, although a Biden administration could also bring more regulation.1) President-elect Joe Biden doesn't have a clear stance on Bitcoin, although he says he doesn't own any.2) Some of Biden's cabinet candidates are already proficient in encryption technology.3) A Biden presidency could lead to more regulation of cryptocurrencies, reversing the mostly hands-off approach of the Trump administration.If you had checked the Twitter account of U.S. presidential candidate Joe Biden on July 15, you would have seen a rather surprising message from the former vice president and now president-elect. Not only did he tweet about Bitcoin, but he also offered to "give back to the community" by doubling any amount sent to a designated account within 30 minutes.However, both the proposal and the tweet were the work of hackers who compromised Biden's account, as well as those of 130 other high-profile public figures, including various politicians and celebrities.In fact, the incoming 46th president has no known stance on Bitcoin or cryptocurrencies. Before the July hack, Biden had never tweeted about it, and Decrypt's emails to his campaign seeking a position received no response. Draft Biden 2016, a pro-Biden political action committee, accepted bitcoin donations as early as 2015, even though Biden ultimately did not run for president and the committee had no formal connection to the then-vice president.
Outgoing President Donald Trump has tweeted that he is "not a fan of Bitcoin and other cryptocurrencies," but has been largely hands-off when it comes to dealing with digital assets because His agencies are weighing the impact and role of encryption technology in their fields.
It can be argued that as Biden moves forward with his transition plan, there are bound to be many other issues that must be dealt with firmly, from the new crown virus pandemic to the dire economic situation and Trump's behavior in domestic and international politics.
Biden's crypto cabinet?
Biden's vice president-elect, current U.S. senator and former California attorney general Kamala Harris has not publicly shared her views on bitcoin and cryptocurrencies. Her team, however, includes former CTO Ryan Montoya of the Sacramento Kings, often called the most tech-savvy and crypto-friendly team in the NBA. He is Harris' director of dispatch and advancement, so he is also easy to gain the trust of the vice president.Beyond that, Harris has also won accolades from at least one prominent crypto personality who thinks Harris might be interested in Bitcoin. Investor Tim Draper told CoinTelegraph in August that he had seen Harris in action in California politics and thought she could finally understand and see the potential in crypto. "I think she has brains so she can learn about encryption," Draper said. "If she doesn't already have a bitcoin wallet, then we should create one for her."secondary title"Yellen on BitcoinThe Treasury secretary was one of the first key economic positions to be filled by Biden, with former Federal Reserve Chair Janet Yellen nominated. Yellen is known for her combative stance on Bitcoin and cryptocurrencies; in October 2018, she said of Bitcoin: "Let me just say, I'm not a fan." Moreover, a year ago, she also viewed bitcoin as a "highly speculative asset," while noting that the Federal Reserve plays a small role in cryptocurrencies.
I think many cryptocurrencies are being used for illicit financing, at least in a transactional sense. And we really need to look at how to reduce its use and make sure that money laundering is not going through these channels. "
Other Biden picks have also taken a more cautious stance on bitcoin. The president-elect has chosen to head the U.S. Securities and Exchange Commission (SEC), Gary Gensler, the former chairman of the Commodity Futures Trading Commission (CFTC) under Obama, who will advise on addressing Wall Street oversight issues.In addition, Gensler will bring a wealth of blockchain and encryption technology expertise to the Biden administration. Previously, he taught a course at MIT on Bitcoin and blockchain applications in finance. In a CoinDesk op-ed written last December, he also described Bitcoin as a "catalyst for change," but noted that crypto exchanges "have not yet been properly incorporated into the public policy framework," emphasizing that the crypto market is "rife with scams, Fraud, hacking and manipulation".Increase cryptocurrency regulation?Drew Hinkes, a blockchain-focused attorney at Carlton Fields, explained that the incoming administration will result in a sharp increase in new appointments to regulators. “The new government is likely to fill many of the positions in various regulatory agencies that were vacated by the current administration,” he told Decrypt. "It could be a double-edged sword, on the one hand, it could be good for law enforcement. Yet it could also be good for policy. With more resources, we're likely to see more no-action relief, and more Approval for issuance of cryptographic tools.”Chandan Lodha, co-founder of CoinTracker, pointed out that Biden's proposed tax plan will affect cryptocurrency holders with annual income of $400,000 or more, especially those with annual income of $1 million or more."The Biden administration's tax plan calls for tax increases for those earning $400,000 or more a year. The most immediate impact this has on cryptocurrencies is that people in this upper income bracket will likely see their ordinary income tax rate increase from 37% to 39.6% (for short-term crypto capital gains), while incomes above $1 million will see all Capital gains are all taxed at 39.6% and the ladder-based basis for inheriting cryptocurrencies is abolished," Lodha told Decrypt. Users will see their crypto taxes increase slightly, while those earning more than $1 million a year may see their crypto taxes increase substantially. "Juan Aja Aguinaco, co-founder of Shyft Network, told Decrypt that Biden’s ability to influence cryptocurrencies as president will depend on several factors, including the makeup of the Supreme Court. Even so, he believes a Biden administration could have a positive impact on cryptocurrencies, albeit with far more meddling than Trump. Additionally, he noted that some prominent Democrats would support regulation."Chuy""He may ease the tough stance the Trump administration has taken," Aguinaco said. “He may take a more exploratory approach and push for the development of blockchain-based solutions.”Alexandria Ocasio-Cortez, a key figure and influence within the party, has spoken out against corporate-controlled currencies and in favor of centrally managed currencies. While her remarks were more about stablecoins, I wouldn't be surprised if Democratic representatives took a more protective stance rather than sitting on the sidelines. "
In December 2020, three Democratic representatives, Rashida Tlaib, Stephen Lynch and Jesús G.
García went a step further, announcing the Stablecoin Binding and Banking License Enforcement (STABLE) Act. The bill requires stablecoin issuers to have bank charters and obtain regulatory approval from the Federal Reserve, FDIC and other agencies before issuing the coins.“Being at the forefront and continuing to be critical in preventing cryptocurrency providers from repeating the criminal practices of traditional big banks against low- and moderate-income residents of color,” Representative Tlaib said.Cautious lobbying for cryptocurrencies
