The future of Bitcoin trading in the U.S, despite not been halted, appears to have been sort of bleak before the last elections. Former President, Donald Trump, is not a big fan of digital assets, as he has never hidden his criticism of the asset. However, Biden’s appointment has brought some fresh air into the country, and particularly into the cryptocurrency space in the country. Barely two months into his tenure, Biden has already halted a campaign to impose new rules on the country’s cryptocurrency space, led by a former SEC Executive. It is also worthy to note that the new President has also handpicked Gary Gensler, a crypto analyst and Blockchain Professor, to head the SEC, a move that delights the country’s crypto space.
Biden’s plan for the crypto community is unclear
However, while it appears that Biden’s presence in the country will unlikely halt the progress of the cryptocurrency space, the country is still not clear on its crypto future. Gary Gensler’s appointment is still subject to further scrutiny by Congress as he faces competition for the SEC Chair position. The MIT Professor was one of the backbones behind Joe Biden’s campaign, and hence a reason why the new President believes his experience will widely benefit the U.S SEC.
However, Gensler is well known to be a crypto admirer, and he believes that the future is crypto. If he is indeed appointed, he is expected to develop new policies that will strengthen the country’s crypto community and provide much more regulatory support for the country’s booming space.
While Gensler might be Biden’s man to lead the SEC activities, many analysts believe that the new President does not have a cognitive plan to lead the country’s crypto society. The future of crypto trading in the country will heavily depend on the approval of Gensler by the Senate. However, unlike Trump, who is not so pleased with Bitcoin and crypto trading, many analysts feel that Biden does not have a plan yet.
Gensler is the bailout for Biden
Fortunately for Biden, if the Senate approves the appointment of Gensler, he will likely be off the hook, at least for a while. The dysfunctional nature of the policies guiding cryptocurrency trading in the U.S has also been one that has raised debates amongst many analysts in the crypto space. The call for regulations has been on a high recently, as the country’s crypto space continues to be tarnished by several vices.
According to the U.S Department Of Justice Lawyer, one of the reasons why these regulations have been stalling is simply because many lawmakers in the country are still skeptical about Blockchain in the country. The adoption of cryptocurrency, despite being high, is not fully embraced by all in the country. However, the crypto community in the country will be hoping that a top government official who doubles as a crypto enthusiast will further sharpen the future of the country’s market.