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Joe Biden’s choices to head up key regulatory agencies could redefine cryptocurrency policy in the coming years, though it’s unclear exactly how.
The Associated Press On Saturday he said Biden, the Democratic candidate, has beaten President Donald Trump, a first-term Republican, in an election marked by the division and continued spread of the COVID-19 pandemic. While the former vice president has highlighted no cryptographic issues in his campaign, some of Biden’s supporters hope he will support technology policy reform, while major companies hope to escape antitrust investigations.
Actually, as of press time Trump had not granted and protracted court challenges remain a possibility given the proximity of the race and polarized environment.
Almost three decades ago, as a United States Senator from Delaware, Biden introduced a couple of bills that would outlaw cryptography, inadvertently spurring the development of PGP keys.
“We’re not hearing a lot of names running around in other locations,” Kristin Smith, executive director of the Blockchain Association, told CoinDesk last month.
There could be “a lot of changes” in how the US approaches cryptocurrencies under Biden’s presidency, though it’s in the air whether that’s good or bad for the industry, Smith said.
“If we look at the administration, I think our ideal scenario is to have someone with a strong familiarity with those positions,” he said.
John Collins, a partner at consulting firm FS Vector, told CoinDesk last month that while crypto is likely to be a low priority for inbound administration given the economy and other pressing issues, space should still have. room to grow.
“Things like the cryptocurrency custody guide for banks, I don’t think it goes anywhere. I don’t expect a Biden. [Office of the Comptroller of the Currency] withdraw it but I also think it will be difficult to potentially get it [new regulations], “He said.
Collins also said that Biden’s tenure will likely see nominated politicians from the cryptocurrency industry, which has been rare so far.
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