Bitcoin and altcoins faced hostile behavior during the Trump administration in the US. The last of the administration in the shape of proposed regulations was heavily criticized by the crypto industry. Trump during his speeches also showed his hatred towards the crypto industry many times. Where the end of the Trump regime might be good news for the industry, the administration has showed divided opinion.
Joe Biden has nominated Janet Yellen as his Treasury Secretary who has time and again showed her distrust for Bitcoin. However, she in her last statement had softened her opinion about Bitcoin. She said that she saw it as a good potential trade system but believed that it needed some regulations.
Which has caused some relief among the crypto proponents. Many analysts are hopeful of the future of the crypto industry in the Biden administration. Paul Grewal chief legal officer at Coinbase, formerly federal judge is one of them.
Grewal during an interview with a popular media group said that he was “cautiously optimistic” for crypto under the Biden administration. He believed that Biden’s administration would create more favorable regulations as compared to Trump’s team. He said that cryptocurrency has now been in existence for over a decade now. He added that having such long existence but some lawmakers are still skeptical about it.
There is high tension in the minds of people regarding crypto because of the lawsuit filed by SEC against Ripple. The actions were taken against Ripple by the Trump administration during the last few weeks of their tenure. When Mr. Grewal was asked about his take on the litigation, he evaded giving any opinion.
Grewal said that litigation ensures one thing i.e. time for crypto has come and this is what he has learned in his experience. Once an industry begins to rise only then the government and others take interest in it he said.
He said that he was especially hopeful of the stablecoins. Stablecoins have recently received approval from the US’s top bank regulator. Grewal called stablecoins the “best of both worlds” as they had the security of fiat currency and efficiency of cryptocurrency. He was hopeful that Biden’s administration will see the cryptocurrencies as he did.