With Janet Yellen as the presumed secretary of the Treasury, Biden’s potential appointments to the U.S. regulatory apparatus will be crucial.
The cryptomorphic lobby seems cautiously optimistic about Biden’s potential choices to lead the U.S. regulatory environment.
This, at least, according to a discussion on Thursday promoted by TRM Labs, featuring the managing directors of the Blockchain Association and Coin Center – respectively Kristin Smith and Jerry Brito. The pair entered into a discussion about who they expect the Biden government 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 be a good option to get the highest position in the U.S. Treasury.
Smith said she hopes for more regulators who have worked alongside the crypto wealth industry, such as current OCC leader Brian Brooks. She concluded that despite some persistent stigma around the industry, the real legal professionals who make this happen are an impressive team:
„If you look at the regulatory professionals, the general counsel who remain in the cryptomotic space, are very talented people who have worked in government before, who have worked in important law firms, who are considerate. They are not „turncoats“ or „liars.
Smith, however, has not specifically named a person. Likewise, Brito’s wish list for a new SEC commissioner did not include a name, but some basic understandings about the crypto market: „Ideally, someone who understands the technology and understands the potential, understands the risks and someone who understands that they are not prudent as a regulator.
Brito was optimistic that „this is something that a Biden government should be able to accomplish“.
Last month, both the Blockchain Association and the Coin Center were part of the vocal opposition to behind-the-scenes Treasury Department talks, which were trying to attack self-hosted portfolios. The same issue attracted the attention of Congress. In today’s conversation, Brito and Smith named this threat 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 felt that the recently renamed Facebook Libra Diem was what drew new attention to the point by point, from people unfamiliar with Bitcoin or Ether portfolios that have long used the same technology. „It’s something that police authorities are aware of and comfortable, and it’s something that FinCEN is aware of and comfortable with, but I think in other spheres of government, it took them by surprise,“ said Brito.