According to reports, Biden will nominate a crypto critic as a top bank regulator.
At the start of the year, many financial institutes and the government were against the new cryptocurrencies. But this tension between the state and these new-age DeFi systems has been slowly resolving.
With USA’s SEC letting Coinbase add their new lend feature, Biden is nominating a crypto critic for running a federal bank regulator. They have nominated Professor Saule Omarova, a Cornell University Professor. Rumors of the same first came up in August, but now it has been established to be true.
Omarova has been writing about these new-age Decentralized Finance systems for a while now and has always been critical of whether they will bring a revolution or not. Since May, Micahel Hsu has been handling the post and has called cryptocurrencies very innovative and forward-thinking. But he has also mentioned that the industry must keep its standard and expectations should be realistic.
Crypto enthusiasts say that traditional finance experts may laugh at this new-age fintech, but many people feel exploited by the current system. This is the main reason why these are now gaining traction. A free market in every sense of the word, blockchains and cryptocurrencies might be the future we all have been waiting for. Not only that, but the general public has also welcomed it.
As the case for cryptocurrency becomes stronger, traditional finance may have to accommodate more and more demands of these new-age currencies. If you are looking to get into the crypto market, this is the best time to get into it. With prices rising steadily, any delay may cost you thousands of dollars.