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Joe Biden’s Crypto Impact Is Unclear as He Wins Presidency

As reported by coindesk.com on November 07.2020, Joe Biden’s picks to head key regulatory agencies could redefine cryptocurrency policy in the future, but it is unclear exactly how.

According to the Associated Press, Biden, the Democratic nominee, beat President Donald Trump. While the former vice president didn’t highlight crypto issues in his campaign, some of Biden’s supporters hope he will advocate for reform on tech policies.

Almost three decades ago as a U.S. senator from Delaware, Biden introduced a pair of bills that would have outlawed encryption, inadvertently spurring the development of PGP keys.

His main choice to run the U.S. Treasury Department is supposedly Federal Reserve Governor Lael Brainard, who is overseeing the Boston Fed’s research into a digital dollar.

According to the Wall Street Journal, Former Commodity Futures Trading Commission Chairman Gary Gensler may be tapped to help Biden’s team plan out oversight of Wall Street.

Executive director of the Blockchain Association, Kristin Smith, told CoinDesk:

There could be a lot of change in how the U.S. approaches cryptocurrencies under a Biden presidency, though it’s up in the air whether that is good or bad for the industry.

He also added, if we’re looking at the administration, I think our ideal scenario is to have someone with a strong familiarity with those positions. A partner at advisory firm FS Vector, John Collins, told CoinDesk that while crypto is likely to be a low priority for the incoming administration given the economy and other pressing issues, the space should still have room to grow

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