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Crypto market: what to expect from a Biden’s Presidency

Ethereum is Defying a 3 Year Market Structure; Claims Early Investor

November 7th 2020

  • Crypto market players could get more leeway with Biden’s presidency
  • Kristin Smith predicts that Biden’s administration would be friendlier to crypto players

It is a matter of time before Joe Biden is announced as the newly elected President of the United States. With this imminent change in administration coming up, what would this mean for the crypto market?

Kristin Smith, the Director of Blockchain Association and board member at HODLpac, gave her opinion on how she thinks the new President could affect the industry. She made this known in an interview on Unconfirmed with Laura Shin.

She went on to express a certain level of optimism that a Biden presidency with a Senate dominated by Republican would give a very huge room for optimism for the crypto market.

She adds that she believes Trump presidency had actually done quite a lot for the crypto industry, however, she believes that the Biden’s administration would be able to do so much more. 

According to her, a Biden presidency would give Crypto lobbyists and enthusiasts a room to smile. She went on to say that she expects that key positions in the Securities Exchange Commision (SEC) and other regulatory agencies would be filled with individuals with a little bit of education in crypto assets.

This, coupled with the possibility of a Republican senate that would look to be business-friendly, legislations for cryptocurrencies would be able to grow.

America’s Crypto market 

Players in the American crypto market have complained about the level of uncertainty and clarity attached to the regulations guiding the industry.

This lack of clarity has played a part in Ripple’s decision to move its headquarters out of the country. The crypto firm claims that the lack of clarity in regulations of the crypto market is responsible for its choice.

Not only that, the entrance of PayPal and other major institutional players into the crypto market has led many analysts to believe that crypto assets are just about to get more acceptance and widespread adoption.

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