Crypto affect unclear after Joe Biden deposed Donald Trump as the subsequent US president
Joe Biden's decision to lead key regulators could redefine cryptocurrency policy in the years to come, although it's not clear how.
The Associated Press said Saturday that Biden, the Democratic candidate, beat President Donald Trump, a first-term Republican, in an election marked by division and the continued spread of the COVID-19 pandemic. While the former vice president didn't highlight crypto issues in his campaign, some of Biden's supporters are hoping he will push for technology policy reform while big corporations hope to avoid antitrust investigations.
However, at the time of going to press, given the proximity of the race and the polarized environment, Trump had not allowed any admitted lengthy legal challenges.
Bitcoin (BTC) price fell more than 4% to $ 14,840.10.
Almost three decades ago, as a US Senator from Delaware, Biden introduced two bills that would have banned encryption and inadvertently spurred the development of PGP keys.
Biden has so far kept a close eye on who will be nominating his campaign for key positions, but his first choice to run the Treasury Department is reportedly Fed governor Lael Brainard, who oversees Boston Fed research on a digital dollar.
Former chairman of the Commodity Futures Trading Commission, Gary Gensler, could also be tapped to help Biden's team plan for oversight of Wall Street, the Wall Street Journal reported on Friday.
"We don't hear many names for the other positions," Kristin Smith, executive director of the Blockchain Association, told CoinDesk last month.
There could be "a lot of changes" in the US approach to cryptocurrencies under a Biden presidency, though it's in the air whether that's good or bad for the industry, Smith said.
"When we look at administration, I think our ideal scenario is to have someone who is well versed in these positions," she said.
John Collins, a partner at consulting firm FS Vector, told CoinDesk last month that given economics and other pressing issues for in-depth management, crypto is likely to be a low priority, but space should still have room for growth.
"I don't see anything like the crypto-custody guide for banks anywhere. I wouldn't expect a Biden (office of currency verifier) to withdraw this, but I also think it will be difficult to get a blanket acceptance of all token sales Achieve, "he said." However, there is an understanding that financial services must change and the regulatory structure must be dynamic and change with it. Crypto and digital currencies as well as open payment networks are a big part of it. "
Collins also said that political candidates will likely come from the crypto sector during Biden's tenure, which has been rare so far.
The team of elected Vice President Kamala Harris already includes Ryan Montoya, the former chief technology officer at the Sacramento Kings, who, according to Decrypt Media, oversaw the use of various tools and platforms related to blockchain by the NBA team.
UPDATE (November 7, 2020, 5:35 pm UTC): This article has been updated to state that the team of Kamala Harris, the Vice President-Elect, includes former Kings CTO Ryan Montoya and adds additional comments.