The crypto industry is hoping that a friendlier and more educated group of lawmakers could finally push through a regulatory framework for cryptocurrencies
"Previously he was no friend of crypto but recently said he was open to considering cryptocurrency legislation," said Kyle Bligen, director of financial policy at the tech-focused Chamber of Progress."I think he’s cognizant of the money from outside industry groups that are looking for politicians that are open to reasonable, common-sense cryptocurrency policies and aren't just trying to prop up or support the traditional financial ecosystem without allowing for innovation.
"It’s unfortunate because, at the beginning of the Biden Administration there was some interest in crypto – and then the industry imploded while they were doing all of their reports and as a result they’re in a clearly negative spot right now," Smith said."On watch, the industry had some not-so-great moments and it’s understandable that regulators are concerned."
"I can’t say that if President Biden is reelected that that’s a loss for cryptocurrency advocates, because currently in this regime Democrats and Republicans are working together on a bipartisan basis to produce productive and responsible cryptocurrency ," said Bligen.Those efforts at legislation – which, in the past, have failed to find footing – still have significant hurdles to clear before being passed, including getting more members of Congress on board with crypto.
"We stand at an interesting crossroads when it comes to privacy," Bratcher said, referencing the ongoing crackdown on bitcoin mixing services like Tornado Cash and Samourai Wallet.