There is one day left until the 2020 US presidential election. In addition to all the controversial issues surrounding each of the candidates, especially the two main candidates, Donald Trump and Joe Biden, what has fascinated digital currency enthusiasts is the approach and possible policies of each candidate towards Blockchain and digital currencies. In a separate article last week, you read about the impact of Biden and Trump’s election in the upcoming election on the crypto space in digital currency. CoinDesk at Article Another recently published examines some of the possible events in the event of the victory of each of the main candidates and their potential impact on the digital currency environment in the most powerful country in the world.
Although none of the candidates will express their views on positions related to the world of digital currencies, the outcome of this election will determine the government’s policy on digital currencies for the next four years.
At present, there is no publicity about the two candidates’ approach to the Blockchain, and digital currencies are rarely mentioned in election campaigns. However, those elected by the next president of the United States to lead and serve federal agencies will plan the agenda for many issues in China’s blockchain space, from the National Digital Currencies (CBDC) to the legal status of various tokens. کرد.
Kristin Smith is the CEO of the Blockchain Association, a group that can lobby and influence government decision-making. “This election is important,” Smith said.
We face significant legal and regulatory issues. People who are going to work will play a huge role in how they deal with these important legal issues.
However, none of the major US presidential candidates have proposed any immediate or enforceable digital currency policies. John Collins, a member of the FS Vector Advisory Group, said in an interview:
Digital currencies in priority [برنامههای رئیس جمهور آتی] Of course, this is not so strange.
Incumbent President Donald Trump (Republican nominee), Joe Biden, former vice president (Democratic nominee), Joe Jorgenson (Liberal nominee), Brooke Pierce (independent nominee), renowned digital currency entrepreneur, and Kanye West Singers will compete in this year’s election. Most major polls agree that the race is essentially between Trump and Biden, and that other candidates may not even get 50 electoral votes.
Earlier, Trump tweeted about two years ago that he was not in favor of digital currencies, thus publicly defining his commitment to bitcoin. However, Biden did not make a specific public statement about bitcoins and digital currencies. Of course, after Biden’s Twitter account was hacked along with the Twitter accounts of several digital currency exchanges, influencers and social networkers in July, his campaign jokingly said he would no longer receive funding through Bitcoin.
In fact, none of the candidates raised the issue of the Blockchain and digital currencies in the election campaign.
Most likely, the outcome of the election will have the greatest impact on the government’s possible digital currency policies by federal lawmakers appointed by the president and the House of Representatives. The top executives of the Securities and Exchange Commission (SEC), the Commodity Futures Trading Commission (CFTC), the Office of Foreign Exchange Control (OCC), as well as the US Treasury and State Department are just a few of the future administration’s approach. The United States is shaped by digital currencies.
Jay Clayton currently chairs the Securities and Exchange Commission, which Trump has nominated to serve as US Attorney for the Southern District of New York. If Trump wins and Clayton is approved as the district attorney general, Hester Peirce, a current member of the commission, will likely, at least temporarily, chair the commission.
This could have a profound effect on the world of digital currencies. In the past, Pierce has advocated for the development of digital currencies and legal compromise, and has been dubbed the “mother of digital currencies” because of her stance on digital currencies. One of Pierce’s suggestions in this regard was to create a secure environment for the development of digital tokens before facing legal obstacles.
It is unclear who Biden will nominate to chair the Securities and Exchange Commission if he wins the election. For now, however, Caroline Crenshaw and Allison Herren Lee, Democrat members of the commission, can be considered potential candidates for the post.
Ron Hammond is a lobbyist and influential figure in the digital currency industry in the government who has previously been an aide to Warren Davidson, a Republican representative in Ohio. According to Hammond, the commission is expected to take more action next year, especially if Biden wins the election. Hammond believes:
Regardless of who wins the election, many executives plan to remain in office for the next year. They want to show that they are involved in the legislative and enforcement process and have not fallen asleep.
Hammond went on to say that, in general, the members of the commission seem to be more concerned with “monitoring the implementation of the law” than with a specific legal framework.
The role of the Exchange Control Bureau is likely to be greater in establishing these regulatory frameworks. Heath Tarbert, the current head of the office, who has been in office since 2019, has a few more years to lead the legislative process in this area.
Hammond said the direction of the exchange office, which has made several important decisions about the legal status of digital currencies since Brian Brooks took office as chief financial officer, is still unclear. He also added:
I have not heard any names yet, whether Republican or Democrat.
It is not yet known whether the United States will release its national digital currency. However, the Federal Reserve says it is researching various technologies that could support digital dollars. Boston Gov. Lael Brainard also addressed the issue earlier this year. In addition, there are rumors that Brinard could be elected Treasury Secretary if Biden wins.
On the other hand, it is unclear whether incumbent Treasury Secretary Steven Mnuchin will remain in office if Trump wins. However, Hammond believes that if Trump wins, Jerome Powell will likely continue to serve as head of the Federal Reserve.
However, according to some experts, this election can not make a significant difference in the digital currency industry.
“John Sedunov, an assistant professor of economics and finance at the Faculty of Business at Villanova University, said:”
In my opinion, no matter who wins this election, there will not be much difference in digital currency legislation.
According to Sadunov, legislators are likely to treat digital currencies as financial assets, as they have in the past. He explained:
So far, given the current state of the big tech companies and financial regulation, it is safe to say that under Biden’s government, more oversight of financial institutions and banks will take place. However, I do not think that the digital currency industry has developed so much that the government is taking any special steps to reduce its negative impact on the economy.
Smith also noted that it is unclear who in the next Biden administration will be in power and in the legislature. He added that if Trump wins the second round, the conditions for the digital currency space will be more familiar.
The next president may also play a positive and effective role in addressing issues related to the digital currency space, such as data privacy, corporate antitrust laws, and consumer protection.
William Barr, the current US Attorney General, has a negative view of the cryptocurrency industry, and has spoken out against the digital currency regulatory framework as well as in statements made in collaboration with other intelligence agencies. It is unclear whether Biden will take a similar approach.
According to Sedunov, consumer protection is an issue that is likely to be of particular interest to Biden. He added:
In my opinion, the best thing that the digital currency space and its participants can do if they win is to declare that the performance of this industry is beneficial to consumers and to the health of the economy.
According to Collins, it is unlikely that the existing rules and regulations will be repealed immediately if they win. At least it can be said that this will not be a priority for the Biden government.
Collins said officials in the next administration may have a track record in digital currencies and take a more positive approach. He believes that given the growing interest of European and Asian lawmakers in national digital currencies and other Blockchain laws, especially as the Chinese government accelerates the development of the digital yuan, the next government is likely to have to do more. He explained:
I do not think the federal government has a lenient approach to bitcoin and digital currencies. However, the idea of opening up space for reliable payment networks can be considered as an important issue in negotiations with legislators.
Although the president may pass digital currency laws next year, the House of Representatives forms a large part of the government’s view of digital currencies. According to statistics from the FiveThirtyEight website, the Democratic Party is likely to win in the House of Representatives.
According to Hammond, this means that the director of the banking committee of the House of Representatives will be replaced, and Senator Sherrod Brown, a Democrat from Ohio, is expected to lead the committee.
According to Collins, both Democrats and Republicans are likely to agree on some trading market laws, as well as the designation of the organization responsible for enforcing them.
Smith also said he expects more legislators to consider digital currencies next year. He added:
In the last few months alone, several senators have approached us (the Blockchain Association Group) and announced that [قانونگذاری ارزهای دیجیتال] Next year is their priority and they decide to discuss it.