Crypto may get a new lifeline under Joe Biden’s administration


TL; DR Breakdown

  • President Joe Biden has suspended all new and pending regulatory policies.
  • Joe Biden has appointed some crypto proponents to powerful offices.

There’s a new resident in the US White House, and the crypto market seems to be poised to score big from that fact. Over the last few weeks, many have expressed optimism that the new administration won’t give cryptocurrencies a hard time. It now seems that this confidence wasn’t misplaced after all.

Besides the optimistic sentiments that have been running within the industry social circles, there has been evidence of some sort of transition on the part of the authorities from the previous anti-cryptocurrency hardline stance to a more accommodative regulatory environment.

Immediate suspension of regulatory rules

Right after Joe Biden took office on January 20th, he moved to suspend the Treasury’s proposals that were aimed at imposing restrictive measures on self-hosted digital/crypto wallets. He also suspended the proposals by FinCEN targeting the industry. The new administration will need to review all the new and pending policies before a final decision can be made.