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Crypto Industry Also a Winner From U.S. Election Results

As US election results were released, crypto asset markets recovered from their weekend dip. With the change of administration, the future for the industry is unexpectedly a bit better.

America’s next leader for the coming four years, Joe Biden, made only few comments on cryptocurrencies, but it seems preferable to a leader who actively discouraged them. 

Qiao Wang, head of the DeFi Alliance, is one of several industry observers who view the Biden election positives and is optimistic about the next four years. He said: “The real winner is crypto:

– Biden to hire Bitcoin-friendly Gary Gensler.

– Trump/Mnuchin openly hostile towards BTC.

– SBF 2nd largest contributor to Biden.

– A likely Republican senate to counter Dems’ aggressive regulation tendencies. Looking forward to the next few years”

He added that previous hostilities towards the industry in the name of defending the dollar have made the current outcome preferable. “The fact that Trump and Mnuchin are hostile towards BTC makes a Trump a far inferior candidate. Full stop.”

Donald Trump has famously acknowledged that in July 2019 he was ‘not a fan’ of Bitcoin and cryptocurrencies, adding that they are not money, their value was ‘based on thin air’ and that they facilitate unlawful and illegal activities.

Cryptopotato.com has reported, News that Joe Biden will hire former derivatives market regulator Gary Gensler to work on a transition plan for financial industry oversight, has also been perceived as bullish. Gensler served as chair of the Commodity Futures Trading Commission (CFTC) from 2009 to 2014, and views Bitcoin and its brethren in a positive light.It has also been reported that economist Lael Brainard, former Federal Reserve governor who led a MIT joint effort to research CBDCs, is primed as the frontrunner for Treasury secretary. Compound Finance general counsel and industry observer Jake Chervinsky added: “President-elect Biden hasn’t said anything publicly about his views on crypto. For now, it really isn’t a big enough issue to warrant his attention. The next four years of US crypto policy depends on who he appoints to key positions; we’ll know more as the transition gets going.

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