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Wednesday, December 8, 2021

Cryptocurrency Regulations Will Be Set By Biden’s Team

Cryptocurrency gained widespread popularity back when Bitcoin was booming. Several years later, and it is still rising at a staggering rate. The crypto market has been looking around for a better and rigid regulatory system to govern its moves. People around the world still are not sure what cryptocurrency is. Is it a currency, a commodity, stocks, brand, or just a new digital asset that never existed before? The officials will start with Bitcoin. Then they will have to dive into Ripple, Ethereum, and several other tokens. 

It is after this; they will be able to set regulatory systems, particularly for cryptocurrencies. This will include taxations, or rules of trading and unlawful trading, along with the rules that would bind the entire market separately from just another securities asset. If anything, all of this adds volumes towards the uncertainty of the crypto world, its market, and its products. 

Biden’s Financial Team For Cryptocurrency

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President Joe Biden is compiling a group of people to handle the cryptocurrency market, identify with it, and clarify it. In putting the people together, Biden has picked people with extensive knowledge of what cryptocurrency and blockchains are. And their functions. 

The incoming United States Treasury Secretary will be Janet Yellen. In a testimony written last year, she highlighted the challenges as well as benefits that come from the digital coin world. In her testimonial for a nomination, she mentioned how important it was to speak about the cryptocurrency benefits and effects on the financial system. But she also added risks of financing terrorist activities, money laundering, and several other threats to the national system of the United States. 

Though she focused more on the efficiency and newness of the financial system, people rather took the focus on her statements on terrorism. She has admitted that she isn’t necessarily a fan of cryptocurrency. It can be used to collaborate with many financial sectors like banks.

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