Blockchain Association to Discuss Cryptocurrency Industry Development with Biden Administration

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The Blockchain Association, an American advocacy group, will discuss with the administration of US President Joe Biden the possibility of creating favorable conditions for the development of the cryptocurrency industry in the country.

The Blockchain Association includes cryptocurrency exchanges Circle, Binance.US, Kraken and investment company Grayscale. Blockchain Association Executive Director Kristin Smith announced meetings with senior White House politicians, including US Treasury Secretary Janet Yellen, candidate for deputy secretary and former BlackRock chief Wally Adeyemo, and others. representatives of the US Treasury.

Many American politicians are convinced that cryptocurrencies are used primarily for illegal financing and money laundering. The purpose of these meetings with policymakers, Smith said, is to help the Biden administration understand the value of the cryptocurrency industry and convey to them that digital assets go beyond criminal activity.

Recently, Yellen called Bitcoin an extremely inefficient way to conduct transactions, consuming an excessive amount of energy. For this, she was criticized by participants in the cryptocurrency industry. However, despite the obvious hostility towards the first cryptocurrency, Yellen is positive about the digital dollar. The finance minister believes the digital dollar will provide faster, safer and cheaper payments than fiat currencies.

BRD crypto wallet CEO Adam Traidman said he supports cryptocurrency regulation and regulatory compliance. But above all, the government must create an enabling environment for the development of innovation and the adoption of digital assets.

Trademan has raised concerns about cryptocurrency wallet regulations. He explained that if cryptoasset transactions fall under the rules applicable to bank transfers, it will hinder the development of the industry. Therefore, it is necessary to ensure that cryptocurrency transactions are regulated according to special rules.

The cryptocurrency community is also concerned about the announcements of Gary Gensler, a candidate for the chair of the US Securities and Exchange Commission (SEC). In his recent speech, he said he would work to root out fraud in the cryptocurrency markets.

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