Two potential members of President-elect Joe Biden’s business team are well aware of both Bitcoin and cryptocurrency.
Lael Brainard, reportedly a contender to serve as Biden’s secretary of treasury, served as an authority on blockchain and digital assets in his role as a member of the Federal Reserve Board of Governors.
Forbes reports that Brainard has spoken publicly multiple times about cryptocurrencies, central bank digital currencies (CBDCs), stablecoins, smart contracts, and blockchains.
In 2019, Brainard spoke specifically about Bitcoin.
“Bitcoin was heralded as a new type of digital currency that would address payment friction as well as serve as a unit of account and store of value without the need for centralized governance.”
The Fed governor, however, says he has struggled to function as a means of payment.
“Bitcoin and some other early iterations of cryptocurrencies have shown extreme volatility, limited throughput capacity, unpredictable transaction costs, limited or no governance, and limited transparency, which have limited their usefulness as a means of payment and unit of account.”
Meanwhile, the Wall Street Journal reports that Gary Gensler, the former chairman of the Commodity Futures Trading Commission (CFTC), may be advising Biden on overseeing Wall Street.
In 2018, he criticized the lack of a regulatory framework for initial coin offerings. He also expressed the opinion that both Ethereum and XRP are stocks.
Gensler wrote an extensive report to Congress on overseeing new assets in the digital age. He says that Bitcoin and cryptocurrencies have “led to healthy debates within central banking communities and the economy about the pros and cons of central banks issuing retail central bank digital currencies (CBDCs) and, if so, the effects that may have on payment systems and the commercial banking system. “
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