Joe Biden wins!

Joe Biden wins!

How a Biden administration will actually treat cryptocurrencies, little is known from Biden’s record as all but one of his 40+ years as a senator from Delaware occurred prior to the publication of Satoshi Nakamoto’s now-famous white paper that laid out the principles and workings of Bitcoin.

The nearest hint we have from his record is that close to three decades ago, Biden introduced a pair of bills that would have outlawed encryption, inadvertently spurring the development of PGP keys.

The president-elect has so far kept a tight lid on who his campaign will nominate to key positions, but his top pick to run the U.S. Treasury Department is reportedly Federal Reserve Governor Lael Brainard who is overseeing the Boston Fed’s research into a digital dollar.

Sam Bankman-Fried, the CEO of cryptocurrency derivatives platform FTX, made the second-largest donation to former Vice President Joe Biden’s presidential campaign, according to details revealed in The Wall Street Journal on Oct. 28.

RLE Gazette reached out to Sam Bankman-Fried, who declined to be interviewed for this article.

Joe Biden doesn’t have a stated position on Bitcoin, although he says he doesn’t own any.

Some of Biden's potential cabinet picks are already crypto-savvy.

A Biden presidency could lead to more regulation of cryptocurrency, reversing Trump’s mostly hands-off approach.

The impact of Biden’s presidency on the financial sector and crypto will largely depend on his and his team’s stance.

Joe himself was one of the targets of the recent massive Twitter hack, which involved asking people to send Bitcoin to famous people. After the hack, Biden tweeted that he doesn’t own any Bitcoin, showing neither a positive nor negative attitude towards the cryptocurrency.

Kamala Harris, Biden’s potential VP, didn’t come with any crypto-related statements, but Ryan Montoya, who is familiar with crypto, is in her team. Montoya was Chief Technical Officer of the Sacramento Kings, which rewarded its fans with crypto Gary Gensler, former Commodity Futures Trading Commission Chairman, can also help Biden overseeing Wall Street. Gensler is tech-savvy and has an overall positive stance on crypto, expecting to see it “somewhere in the financial system in a meaningful way.”

Andrew Yang, a prominent crypto supporter, also joined Biden’s camp. Yang has been vocal about making regulations crypto-friendly, which may positively influence the regulatory landscape under the new president’s administration.

In conclusion things can go both ways, but the signs are bullish overall. Personally it wouldn’t surprise me if Biden becomes incapable of governing and Kamala Harris takes over, which will be a historic event as well.

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