Opinion
As the United States Senate begins confirming leadership posts across commerce and the treasury, there has been meaningful momentum in the crypto community as a response. This is due to the profiles of various individuals who have been reportedly nominated, as well as the anticipated economic measures by the coming administration both of which are expected to nurture positive momentum for crypto growth.
While a few official appointments have been made with numerous confirmations pending, others are still at the nomination stage. Let’s take a quick loop around the swamp.
The Treasury
Confirmed with 84 votes, Janet Yellen will be at the helm of the treasury. During her confirmation hearing, Yellen outlined her support for Biden’s agenda, which includes a likely increase on taxes for the wealthy, “backing the buck” to stabilize the dollar amid attempts to undermine current value through market manipulation abroad, and ensuring the stabilization of the U.S. econom
Whatâs Next for Crypto Regulation
The rules are in flux as a new U.S. administration takes over.
Gary Gensler will soon draw up crypto rules at the S.E.C.Credit.Kayana Szymczak for The New York Times
Jan. 30, 2021
The DealBook newsletter delves into a single topic or theme every weekend, and today it takes you on a quick tour of the regulatory scene for cryptocurrency, a fast-changing field that may represent the future of the financial industry. (If you donât already receive the daily newsletter,
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Stock market mania has made the headlines in recent days, but recall that a run-up in crypto prices to new highs a few weeks ago raised all of the questions about investor protections and regulations now vexing policymakers coming to grips with GameStop.
At least not right away, say industry officials. My sense is that they ll really want to come in and give this regulation a chance to demonstrate its effectiveness, said Jason Berkowitz, chief legal and regulatory affairs officer with the Insured Retirement Institute.
Chairman Jay Clayton made his departure from the SEC official on Monday morning. It is tradition for the SEC chair to resign upon the change of administration. Speculation began over the weekend on possible replacements.
Gary Gensler: Former head of the Commodities Futures Trading Commission.
Preet Bharara: Former U.S. Attorney for the Southern District of New York from 2009 to 2017.
Author Bio
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The cryptocurrency market is looking for a firm regulatory framework. Governments around the world are trying to figure out whether bitcoin is a currency, a tradable commodity, a security on par with stocks and options, or a brand new asset class of its own. Once they figure that one out, they ll have to ask the same questions about Ethereum, Tether, Ripple, and Cardano, and the list of major cryptocurrencies only grows longer over time. Settling the thorny issues of legality, taxation, and trading rules will take time
Another Pro-Crypto Appointment in the Biden Administration?
(Chip Somodevilla/Getty Images News)
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Jan 23, 2021
Host
Reports are that Chris Brummer – author of a volume on crypto assets and frequent speaker on digital currencies – will chair the CFTC.
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On this edition of the Weekly Recap, NLW argues that while bitcoin’s price was the short-term story of the week, the medium-term story was all about the transition of power in the U.S. to the new Biden Administration. In it, he discusses what the appointments (reported or confirmed) of Janet Yellen, Gary Gensler, Michael Barr and Chris Brummer suggest about the future of crypto policy.