With Janet Yellen as the alleged Secretary of the Treasury, Biden’s potential nominations to U.S. regulatory bodies will be critical.
The crypto-centric lobby appears to be cautiously optimistic about Joe Biden’s possible election to lead the U.S. regulatory environment.
That is, at least, according to a Thursday discussion organized by TRM labs, with Blockchain Association and Coin Center CEOs Kristin Smith and Jerry Brito, respectively. The couple engaged in a conversation about who they expect the Biden administration to appoint to major regulatory agencies such as the Securities and Exchange Commission, the Commodity Futures Trading Commission and the Office of the Comptroller of the Currency, given that Janet Yellen seems to have one foot in the door for the top spot in the U.S. Treasury.
Smith said he expected more regulators who had worked with the crypto industry, in the style of current OCC leader Brian Brooks. She reasoned that despite a lingering stigma surrounding the industry, the true legal professionals who make it happen are an impressive team:
„If you look at the regulatory professionals, the general counsel who sit in the crypto space, these are very talented people who have worked in government before, who have worked in top law firms, who are thoughtful. These are not professionals of the night, making up as they go along.“
Smith, however, did not name a specific person. Similarly, Brito’s wish list for a new SEC commissioner did not include a name, but rather some basic knowledge of cryptomonics: „Ideally, someone who understands the technology and understands the potential, understands the risks and someone who understands that they are not prudent regulators.
Brito was optimistic that „this is something a Biden administration should be able to deliver.
Last month, both the Blockchain Association and the Coin Center were part of the vocal opposition to behind-the-scenes conversations at the Treasury Department, which sought to attack self-hosted wallets. The same issue has caught the attention of Congress . In today’s conversation, both Brito and Smith named this threat as one of the top priorities of their current operations. Smith said today that „until last summer, the industry was not particularly concerned about this problem.
Brito thought that Facebook’s Libra, recently renamed Diem, was what caught the attention of people unfamiliar with Bitcoin or Ether’s wallets who had been using the same technology for a long time. „It’s something that the police have been aware of and comfortable with, and it’s something that FinCEN has been aware of and comfortable with, but I think in other areas of government, it took them by surprise,“ said Brito.