A solid regulatory infrastructure is required for the bitcoin market. Governments worldwide are debating if bitcoin is money, a transferable commodity, security comparable to shares and equities, or a whole new financial instrument. It will require time to resolve the difficult questions of legitimacy, tax, and trading laws, contributing to the overall crypto currency’s economic uncertainty. President Biden is assembling a group of financial heavyweights to explain the baffling bitcoin sector quickly. Several of Biden’s top-level finance appointees have demonstrated knowledge of how blockchain and digital assets work in practice.
Considering the chaos caused by the Trump regime, cryptocurrency supporters are eagerly anticipating how authorities would handle the cryptocurrency sector during President Joe Biden’s government. Even though the changeover is still ongoing, it looks that the Biden presidency will name Michael Barr, a senior Ripple consultant and veteran US Treasury Department executive, to oversee the OCC. Chairwoman Hester Pierce, Trump’s SEC pick, will maintain her notably crypto-friendly attitude to the commodities economy in the short run.
However, the Biden government is apparently contemplating Gary Gensler, the former head of the Commodity Futures Trading Commission. President Joe Biden intends to appoint Kristin Johnson, a senior lecturer of law, and Christy Goldsmith Romero, a civil servant, to the CTFC. The inclusion of such big names is generally seen in a positive light. Their expertise will be key to the future of cryptocurrencies in the United States. It is now a matter of time to see if these plans go as intended.