The Associated Press decided to declare this Saturday that Joe Biden, the Democratic nominee, has overpowered President Donald Trump in a national election, marked by public division. Although the former vice president did not mention any crypto issues in his campaign, some amongst his supporters hope he will push forward crypto-related policies.
It is important to note, that President Trump had not yet conceded the election and protracted court battles seem likely given the closeness of the vote counts in battleground states.
Joe Biden’s appointees on key regulatory positions may redefine cryptocurrency policy in his term, although it remains unclear in what way exactly. Little can be derived from Biden’s record regarding his stance on cryptocurrencies, as all his over 40 years as a senator occurred prior to the creation of Bitcoin – the first-ever cryptocurrency.
The closest hint we have from his political record is one from nearly three decades ago, when Biden proposed a few bills aimed at outlawing encryption, inadvertently stimulating the development of PGP keys.
The alleged president-elect has kept closed curtains on any information who his campaign will be looking to appoint to key positions. However, his primary pick to head the U.S. Treasury Department in his administration is reportedly Federal Reserve Board member Lael Brainard. She has been associated with the research on the digital dollar.
Furthermore, former Commodity Futures Trading Commission head Gary Gensler could also be invited to help on Biden’s planned regulations on Wall Street. In an interview, back in 2019, Gensler proclaimed blockchain technology to be a “change catalyst”.
